Oriole Company was organized on January 1, 2019. It is authorized to issue 15,000 shares at 8%, $100 par value preferred stock, and 456,000 shares of no-par common stock with a stated value of $2 per share. The following transactions were completed the first year.

Jan. 10 Issued 79,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,000 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,500 shares of common stock for land. The asking price of the land was $94,500, The fair value of the land was $87,500. May 1 Issued 77,500 shares of common stock for cash at $5.25 per share Aug. 1 Issued 11,000 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 11,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $113 per share