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Preferred Stock, $50 par value 5%, authorized 150,000 shares, 20,000 shares issued and outstanding $2,000,000 Common Stock, $6 stated value, authorized 400,000 shares, 100,000 shares issued and outstanding 600,000 Paid-in capital in excess of par value - preferred stock 400,000 Paid-in capital in excess of stated value - common stock 500,000 Retained earnings 470,000 The company issued 80,000 shares of common slock for $13 per share. The company issues 25,000 shares of its common stock having a fair value of $13.60 per share 6,000 shares of its preferred stock having a fair value of $75 per share for a lump sum of Chesterfield Co. bought back 1,600 shares of treasury stock at $ 14 per share. The company issued 2,000 shares of preferred stock for land The asking price of the land $379,000; the fair value of the land was $336,000. Chesterfield Co. sold 1,200 shares of treasury stock at $16 per share. Sold 400 shares of treasury stock at $ 12 per share. Chesterfield called its convertible bonds The 11%, $1,000,000 par value bonds were converted in 100,000 shares of $6 stated value common stock. There was $55,000 of unamortized discount applicable to the bonds. The common stock had a fair market value of $ 14 per share. Instructions: Prepare the general journal entries necessary to record these transactions