Monty Corporation was organized on January 1, 2022. 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.	10		Issued 80,500 shares of common stock for cash at $6 per share.
Mar.	1		Issued 4,400 shares of preferred stock for cash at $105 per share.
Apr.	1		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.
May	1		Issued 85,000 shares of common stock for cash at $4.25 per share.
Aug.	1		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.
Sept.	1		Issued 10,000 shares of common stock for cash at $6 per share.
Nov.	1		Issued 1,500 shares of preferred stock for cash at $115 per share.

Credit Journal entries Date Account Titles 10-Jan Cash (80,500*$6) Common stock (80,500*$3) Paid in capital in excess of stated value - Common stock (80,500*$3) Debit $ 483,000 Preferred stock End bal $590,000 1-Mar $440,000 1-Nov $ 150,000 $590,000 $ 590,000 $241,500 $ 241,500 $ 462,000 1-Mar Cash (4,400*$105) Preferred stock (4,400*$100) Paid in capital in excess of par - Preferred stock (4,400*$5) $440,000 $ 22,000 Common stock End bal $630,000 10-Jan $ 241,500 1-Apr $ 73,500 1-May $255,000 1-Aug $ 30,000 1-Sep $ 30,000 $630,000 $630,000 $ 87,500 1-Apr Land Common stock (24,500*$3) Paid in capital in excess of par value - Common stock $ 73,500 $ 14,000 $361,250 1-May Cash (85,000*$4.25) Common stock (85,000*$3.00) Paid in capital in excess of stated value - Common stock (85,000*$1.25) $ 255,000 $ 106,250 Paid in capital in excess of par - Preferred stog End bal $ 44,500 1-Mar $ 22,000 1-Nov $ 22,500 $ 44,500 $ 44,500 $ 45,000 1-Aug Organizational expense Common stock (10,000*$3.00) Paid in capital in excess of stated value - Common stock $ 30,000 $ 15,000 in capital in excess of stated value - Common End bal $406,750 10-Jan $ 241,500 1-Apr $ 14,000 1-May $ 106,250 1-Aug $ 15,000 1-Sep $ 30,000 $ 406,750 $ 406,750 $ 60,000 1-Sep Cash (10,000*$6) Common stock (10,000*$3) Paid in capital in excess of stated value - Common stock (10,000*$3) $ 30,000 $ 30,000 1-Nov Cash (1,500* $115) Preferred stock (1,500*$100) Paid in capital in excess of par - Preferred stock (1,500*$15) $ 172,500 $ 150,000 $ 22,500 MONTY CORPORATION Balance Sheet (Partial) December 31, 2022 $ $ $