Ayayai Corporation is authorized to issue 23 500 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock On January 1, 2020, the ledger contained the following stockholders' equity balances. $525,000 70,000 Preferred Stock (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (65,000 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 325,000 730,000 330,000 ^ 1 Mar 1 During 2020, the following transactions occurred. Feb. Issued 2.100 shares of preferred stock for land having a fair value of $121,000. Issued 1,100 shares of preferred stock for cash at $70 per share July Issued 17.000 shares of common stock for cash at $7 per share Sept Issued 550 shares of preferred stock for a patent. The asking price of the patent was $32,000. Market price for the preferred stock was $68 and the fair value for the patent was indeterminable. Dec Issued 7 500 shares of common stock for cash at $7.50 per share Dec 31 Net income for the year was $255,000. No dividends were declared 1 1 1 Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of joumal entries presented in the previous part.) Preferred Stock Bal Common Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock > Paid-in Capital in Excess of Par-Common Stock Retained Earnings