Pina Colada Corp.was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock and 512,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar 1 Apr. 1 May 1 Issued 79,000 shares of common stock for cash at $4 per share. Issued 5,850 shares of preferred stock for cash at $105 per share Issued 23,000 shares of common stock for land. The asking price of the land was $87.500. The fair value of the land was $88,000 Issued 81,000 shares of common stock for cash at $4.50 per share. Issued 12.000 shares of common stock to attorneys in payment of their bill of $36.000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $5 per share. Issued 2,000 shares of preferred stock for cash at $108 per share. Aug 1 Sept. 1 Nov. 1 Organization Expense 36,000 12.000 Common Stock I Paid-in Capital in Excess of Stated Value-Common Stock 24,000 1 Land 88,000 23.000 Common Stock 65.000 Paid-in Capital in Excess of Stated Value-Common Stock Pina Colada Corp.was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock and 512,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar 1 Apr. 1 May 1 Issued 79,000 shares of common stock for cash at $4 per share. Issued 5,850 shares of preferred stock for cash at $105 per share Issued 23,000 shares of common stock for land. The asking price of the land was $87.500. The fair value of the land was $88,000 Issued 81,000 shares of common stock for cash at $4.50 per share. Issued 12.000 shares of common stock to attorneys in payment of their bill of $36.000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $5 per share. Issued 2,000 shares of preferred stock for cash at $108 per share. Aug 1 Sept. 1 Nov. 1 Organization Expense 36,000 12.000 Common Stock I Paid-in Capital in Excess of Stated Value-Common Stock 24,000 1 Land 88,000 23.000 Common Stock 65.000 Paid-in Capital in Excess of Stated Value-Common Stock