Switty Corporation is authorized to issue 24,000 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1.2022, the ledger contained the following stockholders' equity balances. Dut ins 2022, the following transactions occurred Feb. 1 Issued 1.900 shares of oreferred stock for land having a fair value of $126,000 Mar. I tssued 1,300 stuares of preferred stock for cash at $65 per whace. July 1 Issued 17.000 shares of commonstokf for cash at $7 pershare. Sept 1 Issued 350 shares of preferred stock for a patent. The asking price of the patent was $29.500. Market price for the preferred stock was $72 and the fair value for the patent was indeterminable. Dec 1 Issued 8.000 shares of common stock for castiat $7.50 per share: Dec 31 Net income for the year was \$263,000: No dividends were declared: Paid in Caphal in Excess of Par-Preferred stock