Tamarisk, Inc. was organized on January $1,2022.$ It is authorized to issue $11,000$ shares of $8\%,$$$100$ par value preferred stock, and $498,000$ shares of no$-$par common stock with a stated value of $$2$ per share. The following stock transactions were completed during the first year:

Jan. $10$ Issued $75,500$ shares of common stock for cash at $$4$ per share.

Mar. $1$ Issued $5,550$ 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 $$85,500.$ The fair value of the land was $$85,500.$

May $1$ Issued $75,500$ shares of common stock for cash at $$4\mathrm{.}75$ per share.

Aug. $1$ Issued $11,500$ shares of common stock to attorneys in payment of their bill of $$40,000$ for services performed in helping the company organize.

Sept. $1$ Issued $11,000$ shares of common stock for cash at $$7$ per share.

Nov. $1$ Issued $2,500$ shares of preferred stock for cash at $$108$ per share.