Sheridan Corporation was organized on January 1, 2017. It is authorized to issue 10,600 shares of 8%, $100 par value preferred stock, and 538,200 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,710 shares of common stock for cash at $7 per share. Mar. 1 Issued 6,000 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,600 shares of common stock for land. The asking price of the land was $91,730; the fair value of the land was $80,710. May 1 Issued 80,710 shares of common stock for cash at $9 per share. Aug. 1 Issued 10,600 shares of common stock to attorneys in payment of their bill of $48,100 for services rendered in helping the company organize. Sept. 1 Issued 10,600 shares of common stock for cash at $11 per share. Nov. 1 Issued 990 shares of preferred stock for cash at $117 per share.