Sweet Corporation was organized on January 1, 2017. It is authorized to issue 9,500 shares of 8%, $100 par value preferred stock. and 516,800 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 Mar Issued 80,020 shares of common stock for cash at $7 per share. Issued 5,750 shares of preferred stock for cash at $111 per share. Apr. 1 Issued 24,660 shares of common stock for land. The asking price of the land was $91,520; the fair value of the land was $80,020 May Issued 80,020 shares of common stock for cash at $9 per share. Aug. Issued 9,500 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the company 1 organize. Sept. Issued 9,500 shares of common stock for cash at $11 per share. Nov. Issued 970 shares of preferred stock for cash at $115 per share