3 Ballard Corporation received its corporate charter on January 2, 2013. The charter authorized the following classes of capital stock: Preferred stock, $100 par value, 10% cumulative, 50,000 shares Common stock, $5 par value, 500,000 shares. During 2013, the following transactions occurred: Jan. 4 18 Apr. 6 Aug. 10 Oct. 12 Issued 5,000 shares of common stock to each of the three incorporators at $20 per share. Cash was received in full from two of the incorporators; the third incorporator received common stock for legal services he performed for the corporation. Sold 6,000 shares of preferred stock for $105 per share. Sold 60,000 shares of common stock for $26 per share. Issued 12,000 shares of common stock in exchange for land. The market value of the common stock on that date was $30 per share, and the appraised value of the land was $380,000. Declared the annual dividend on the preferred stock. Nov. 15 Paid the preferred stock dividend. Dec. 31 Closed the $186,000 credit balance in the Income Summary account. 31 Closed the balance in the Dividend Declared account. Required: A B. sheet. Prepare journal entries to record the transactions. Prepare the stockholders' equity section of the December 31, 2013, balance