Tamarisk, Inc. was organized on January 1, 2022. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock,
and 498,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed
during the first year.
Jan. 10 Issued 75,500 shares of common stock for cash at $4 per share.
Mar. 1 Issued 5,550 shares of preferred stock for cash at $105 per share.
Apr. 1 Issued 24,500 shares of common stock for land. The asking price of the land was $85,500. The fair value of the land
was $85,500.
May 1 Issued 75,500 shares of common stock for cash at $4.75 per share.
Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $40,000 for services performed in
helping the company organize.
Sept. 1 Issued 11,000 shares of common stock for cash at $7 per share.
Nov. 1 Issued 2,500 shares of preferred stock for cash at $108 per share.