Sarasota corp. was organized on january 1, 2022. it is authorized to issue 20,800 shares of 5%, $52 par value preferred stock and 464,000 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 72,000 shares of common stock for cash at $4 per share. mar. 1 issued 1,240 shares of preferred stock for cash at $55 per share. may 1 issued 117,000 shares of common stock for cash at $8 per share. sept. 1 issued 5,400 shares of common stock for cash at $9 per share. nov. 1 issued 3,400 shares of preferred stock for cash at $56 per share.