Santiago Corp., a publicly traded company, had 2,800 preferred shares issued with a balance of $61,600 and 153,000 common shares issued with a balance of $765,000 at the beginning of the year. The following share transactions occurred during the year: June 12 Issued 49,100 common shares for $6 per share. Issued 1,000 preferred shares for $25 per share. July 11 Oct. 1 Nov. 15 Issued 9,100 common shares in exchange for land. The common shares were trading for $7 per share on that date. The fair value of the land was estimated to be $68,400. Issued 23,000 preferred shares for $29 per share.