Waterway Corporation was organized on January 1, 2020. It is authorized to issue 10,600 shares of 8%, $100 par value preferred stock, and 500,200 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 80,640 shares of common stock for cash at $6 per share. Mar. Issued 5,850 shares of preferred stock for cash at $111 per share 1 Apr. 1 May 1 Issued 24,940 shares of common stock for land. The asking price of the land was $90,270; the fair value of the land was $80.640 Issued 80.640 shares of common stock for cash at $9 per share Auir Med 10.400 shares of common stock to attorneys in payment of their bill of $50.500 for mere to search