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 Mar. 1 Issued 79,500 shares of common stock for cash at $ 6 per share Issued 5,200 shares of preferred stock for cash at $ 110 per share, 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. Apr. 1 May 1 Aug 1 Issued 79,500 shares of common stock for cash at $ 4.50 per share. 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, Issued 10,000 shares of common stock for cash at $ 7 per share. Issued 1,000 shares of preferred stock for cash at $ 109 per share. Sept. 1 Nov. 1