Wetland Corporation, a private corporation, was organized on February 1, 2013. It is authorized to issue 100,000, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. Issued 82,000 common shares at $4.5 per share. 10 Mar. Issued 5,300 preferred shares at $115 per share. 1 Apr. Issued 22,000 common shares for land. The asking price of the land was $110,000 and its appraised 1 value was $99,000. June Issued 78,000 common shares at $5.50 per share. 20 July Issued 10,800 common shares to lawyers to pay for their bill of $59,400 for services they performed 7 in helping the company organize. Sept. Issued 11,100 common shares at $5.5 per share. 1 Nov. Issued 1,400 preferred shares at $17 per share. 1.