Novak Corporation, a private corporation, was organized on February 1, 2023. It is authorized to issue 84,000, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Issued 67,200 common shares at $4 per share. Issued 4,200 preferred shares at $114 per share. Issued 18,900 common shares for land. The land's asking price was $84,000 and its appraised value was $75,600. Issued 65,520 common shares at $4.50 per share. Issued 8,400 common shares to lawyers to pay for their bill of $37,800 for services they performed in helping the comp Issued 8,400 common shares at $5 per share. Issued 840 preferred shares at $120 per share. Mar. Apr. July Sept. 1 June 20 Nov. 1 1 1