Abernathy Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%,

Question:

Abernathy Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $50 par value preference shares, and 500,000 shares of no-par ordinary shares with a stated value of $2 per share. The following share transactions were completed during the first year.

Jan. 10	Issued 80,000 ordinary shares for cash at $5 per share.
Mar. 1	Issued 5,000 preference shares for cash at $108 per share.
Apr. 1	Issued 24,000 ordinary shares for land. The asking price of the land was $90,000; the fair value 1 of the land was $80,000.
May 1	Issued 80,000 ordinary shares for cash at $7 per share.
Aug. 1	Issued 10,000 ordinary shares to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize.
Sept. 1	Issued 10,000 ordinary shares for cash at $9 per share.
Nov. 1	Issued 1,000 preference shares for cash at $112 per share.