Kingbird, Inc. was organized on January 1, 2022. It is authorized to issue 12,500 shares of 8%,$100 par value preferred stock, and 513,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 78,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 5.750 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,000 shares of common stock for land. The asking price of the land was $94,000. The fair value of the land was $80,500. May 1 Issued 81,500 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $6 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $108 per share. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock