Sheridan Company was organized on January 1,2022. It is authorized to issue 12,500 shares of 8%,$100 par value preferred stock, and 477,000 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 80,500 shares of common stock for cash at $4 per share. Mar. 1 issued 4,550 shares of peeferred stock for cash at $105 per share Apr. 1. Issued 24,500 shares of common stock for land, The asking price of the land was $92,500. The fair value of the land was $85,000 May 1 issued 80,000 shares of common stock for cash at $5.00 per share. Aug. 1 lsued 10,000 shares of common stock to attorneys in payment of their bill of $44.500 for services performed in helping the company organize. Seph. Is Isued 11.500 thares of commen stock for cashat $7 per share. Nov. I bsued 2,500 shares of preferred stock for cashat $114 pershare