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Cheyenne Corp. was organized on Jaruary 1,2022 . It is authorized to issue 11,000 shares...

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Cheyenne Corp. was organized on Jaruary 1,2022 . It is authorized to issue 11,000 shares of 8%,$100 par value preferred stock, and 520,000 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 75.500 shares of common stock for cashat $6 per share. Mar. 1 Issued 5,500 shares of preferred stock for cish at $110 per share. Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $85,500. The fair value of the land was $80,000 May 1 Issued 81.500 shares of common stock for cashat $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 organice. Sept. 1 issued 12.000 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $110 por share. urt)

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