Marigold Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 497,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 79,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,200 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $94,500. The fair value of the land was $83,500. May 1 Issued 79,500 shares of common stock for cash at $4.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $42,500 for services performed in helping the company organize. Sept. 1 Issued 10,000 shares of common stock for cash at $7 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share.