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. Mar Apr. 10 1 1 May Aug 1 1 Issued 78,000 shares of common stock for cash at $4 per share. Issued 5,750 shares of preferred stock for cash at $110 per share. 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 Issued 81.500 shares of common stock for cash at $4.25 per share 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. Issued 11,500 shares of common stock for cash at $6 per share. Issued 3,000 shares of preferred stock for cash at $10 per share. Sept. Nov. 1 1