Monty Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 550,000 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. 1 0 Issued 80,500 shares of common stock for cash at $6 per share. Mar. 1 Apr. 1 May 1 Issued 4,400 shares of preferred stock for cash at $105 per share. Issued 24,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $87,500. Issued 85,000 shares of common stock for cash at $4.25 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $6 per share. Aug 1 1 1 Sep t. Nov 1 Issued 1,500 shares of preferred stock for cash at $115 per share. Date Account Titles and Explanation Debit Credit Jan. 10 Cash 483,000 Common Stock 241,500 Paid-in Capital in Excess of Stated Value-Commor 241,500 Mar. 1 Cash 462,000 Preferred Stock 22,000 Paid-in Capital in Excess of Par-Preferred Stock Apr. 1 Land 87,500 Common Stock 73,500 Paid-in Capital in Excess of Stated Value-Commor 14,000 May 1 Cash 361,250 Common Stock 255,000 Paid-in Capital in Excess of Stated Value Commor 106,250 TUTU Gupcrm LALUUD UDULLU VURUL CUTTUR you May 1