Sheffield Corp. was organized on January 1,2022 . It is authorized to issue 14,500 shares of 8%,$100 par value preferred stock, and 475,000 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 84,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,050 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $88,500. The fair value of the land was $83,500. May 1 Issued 83,000 shares of common stock for cash at $5.25 per share. Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at \$111 per share