Ayayai Corporation was organized on January 1, 2020. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 521,000 shares of no-par common stock with a stated value of$3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,400 shares of preferred stock for cash at$105 per share. Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $90,500. The fair value of the land was$89,000. May 1 Issued 80,000 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of$39,500 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $7 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at$110 per share.