Answer the problem below and show your solution.

Karl Corporation was organized on Jan 1, 2021. It is authorized to issue 20,000 shares of 6%, P50 par value preferred stock, and 50,000 shares of no-par common stock with a stated value of P10 per share. The following stock transactions were completed during the year: 1. Issued 10,000 shares of common stock for cash at P35 each. 2. Issued 10,000 shares of preferred stock for cash at P55 each. 3. Issued 2,500 shares of common stock for land. The asking price of the land was P90,000; the fair market value of the land was P85,000. 4. Issued 7,500 shares of common stock for cash at P40 per share. 5. Issued 1,000 shares of common stock to attorneys in payment of their bill for P50,000 Pertaining to services rendered in helping the company organize. 6. Issued 500 shares of common stock for cash at P60 per share. 7. Issued 2,000 shares of preferred stock for cash at P53 per share. Prepare the paid-in capital section of stockholders' equity at December 31, 2021