Problem 1: 3 The Highland Corporation was organized on January 1, 2022. 4 It is authorized to issue 20,000 shares of no par value preferred shares with a $3 dividend rate 5 and 500,000 no par value common shares. The following transactions were completed during the first year. 6 7 Jan. 10 Issued 100,000 common shares for cash at $3 per share. Mar. 1 Issued 10,000 preferred shares for cash at $52 per share. Apr. 1 Issued 25,000 common shares for land. The fair market value of the land was $85,000 The market value of the common shares was $3.50 per share on this date. May 1 Issued 75,000 common shares for cash at $4 per share. July 24 Issued 10,000 common shares to lawyers in payment of their bill of $50,000 for services rendered in helping the company organize. The market value of the shares was $4.50 on this date. Sept. 1 Issued 5,000 common shares at $6 per share for used equipment. The equipment originally cost $40,000. It now has a net book value of $28,000 and a fair market value of $25,000. Nov. 1 Issued 2,000 preferred shares for cash at $54 per share. 1 2 B 9 10 11 12 13 14 15 16 17 2285NZARARERR 21 23 26 33