Problem 13-01A a-c (Part Level Submission) Pronghorn Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 498,000 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 Issued 75,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,550 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 $85,500. The fair value of the land was $85,500 May 1 Issued 75,500 shares of common stock for cash at $4.75 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $40,000 for services performed in helping the company organize. Sept. 1 Issued 11,000 shares of common stock for cash at $7 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $108 per share