Sunland Company was organized on January 1, 2019. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 550,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year:

Jan.	10		Issued 80,500 shares of common stock for cash at $6 per share.
Mar.	1		Issued 4,400 shares of preferred 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 $86,000. The fair value of the land was $87,500.
May	1		Issued 85,000 shares of common stock for cash at $4.25 per share.
Aug.	1		Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize.
Sept.	1		Issued 10,000 shares of common stock for cash at $6 per share.
Nov.	1		Issued 1,500 shares of preferred stock for cash at $115 per share.