Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and 462,000 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 Mar. 1 Apr. 1 May 1 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,500 shares of preferred stock for cash at $110 per share Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $84,000. Issued 76,500 shares of common stock for cash at $5.25 per share. Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 3,000 shares of preferred stock for cash at $112 per share. Aug 1 Sept. 1 Nov. 1 Swifty Corporation Balance Sheet (Partial) December 31, 2022 Stockholders' Equity