Vaughn Corporation was organized on January 1, 2020. It is authorized to issue 9,800 shares of 8%, $ 100 par value preferred stock, and 549,100 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 Issued 80,410 shares of common stock for cash at $ 7 per share. Mar. 1 Issued 5,360 shares of preferred stock for cash at $ 113 per share. Apr. 1 Issued 24,880 shares of common stock for land. The asking price of the land was $ 91,780; the fair value of the land was $ 80,410. May 1 Issued 80,410 shares of common stock for cash at $ 8 per share. Aug. 1 Issued 9,800 shares of common stock to attorneys in payment of their bill of $ 46,000 for services rendered in helping the company organize. Sept. 1 Issued 9,800 shares of common stock for cash at $ 10 per share. Nov. 1 Issued 940 shares of preferred stock for cash at $ 109 per share