Monty Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (12,000 shares) $600,000 Paid-in Capital in Excess of Par-Preferred Stock 70,500 Common Stock (65,500 shares) 327,500 Paid-in Capital in Excess of Par-Common Stock 650,000 Retained Earings 290,000 During 2020, the following transactions occurred. Feb. 1 Issued 2,000 shares of preferred stock for land having a fair value of $121,000. Mar 1 Issued 1,200 shares of preferred stock for cash at $70 per share July 1 Issued 15,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 350 shares of preferred stock for a patent. The asking price of the patent was $30,000. Market price for the preferred stock was $69 and the fair value for the patent was Indeterminable. Dec. 1 Issued 8,000 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $258,000. No dividends were declared.