Question $2$ of $8$

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Sheffield Corp., a private corporation, received its articles of incorporation on January $3,2024.$ It is authorized to issue an unlimited number of common shares and $$1$ preferred shares. It had the following share transactions during the year:

Jan. $12$ Issued $53,000$ common shares for $$5$ per share.

$24$ Issued $1,010$ common shares in payment of a $$6,211$ bill for legal services.

July $11$ Issued $1,060$ preferred shares for $$25$ per share.

Oct. $1$ Issued $10,600$ common shares in exchange for land. The land's fair value was estimated to be $$58,300.$ Sheffield's accountant estimated that the fair value of the shares issued might be as high as $$6$ per share.