Brazil Corporation was organized on January 1, 1999. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of common stock with a par value of $1 per share. The following stock transactions were completed during the first year:
Jan. 10 Issued 100,000 shares of common stock for cash at $3 a share.
Mar. 1 Issued 10,000 shares of preferred stock for cash at $51 per share.
Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $90,000; the company's estimate of fair market value of the land was $85,000.
May 1 Issued 75,000 shares of common stock for cash at $4 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 pertaining to services rendered in helping the company organize.
Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share.
Nov. 1 Issued 2,000 shares of preferred stock for cash at $53 per share.