Whispering Winds Corporation was organized on January $1,2027.$ It is authorized to issue $12,500$ shares of $8\%,$ $$100$ par value preferred stock, and $513,000$ shares of no$-$par common stock with a stated value of $$2$ per share. The following stock transactions were completed during the first year.Jan. $10$ Issued $78,000$ shares of common stock for cash at $$4$ per share.Mar.Apr.$\mathrm{.}1$May$1$Aug$1$Sept$\mathrm{.}1$Issued $5,750$ shares of preferred stock for cash at $$110$ per share.Issued $23,000$ shares of common stock for land. The asking price of the land was $$94,000.$ The fair value of the land was $$80,500.$Issued $81,500$ shares of common stock for cash at $$4\mathrm{.}25$ per share.Issued $10,500$ shares of common stock to attorneys in payment of their bill of $$42,000$ for services performed in helping the company organize.Issued $11,500$ shares of common stock for cash at $$6$ per share.Nov. $1$ Issued $3,000$ shares of preferred stock for cash at $$108$ per share.