Sheffield Corporation was incorporated on January 15, 2021. At that time, the company issued 1,000 common shares at $10 each. Other activity related to shareholders equity is outlined below.

June	12		Issued 40,630 common shares for cash at $14 per share.
June	30		Issued 1,600 common shares to a law firm in settlement of their bill for $25,420. (Use Legal Fees Expense) On June 30, the shares had a fair value of $13 each.
July	11		Issued 1,000 preferred shares for $44 per share. Each share was convertible into 5 common shares.
Oct.	1		Issued 6,400 common shares in exchange for land. The common shares were trading at $12 per share on that date. The land's fair value was estimated to be $77,660.
Nov.	15		Issued 1,500 preferred shares for $49 per share.
Nov.	22		Preferred shareholders converted 500 of the preferred shares into common shares. The fair values of the common and preferred shares on that day were $12.50 and $48 respectively.