Sheffield Corporation, a private corporation, was organized on February 1, 2020. It is authorized to issue 100,000, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Mar. 1 Apr. June 20 July 7 Issued 80,000 common shares at $4.50 per share. Issued 5,300 preferred shares at $115 per share. Issued 21,700 common shares for land. The land's asking price was $108,650 and its appraised value was $97,650. Issued 78,000 common shares at $4.00 per share. Issued 10,600 common shares to lawyers to pay for their bill of $42,400 for services they performed in helping the com Sept. 1 Issued 11,500 common shares at $5.50 per share. Nov. 1 Issued 1,500 preferred shares at $117 per share.