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Problem 13-03A a-c (Video) The stockholders' equity accounts of Pina Colada Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $50 par, 10,000 shares authorized) Common Stock (si stated value, 2,050,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $ 425,000 1,450,000 100,000 1,500,000 1,800,000 55,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $120,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,400. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,400. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,200. Dec. 31 Determined that net income for the year was $450,000. No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use 35 for the posting reference.) (Post entries in the order of journal entries presented in the previous part.) Debit Credit Balance Preferred Stock Date Explanation Ref. Balance Common Stock Date Explanation Ref. Debit Credit Balance Balance Balance Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance Balance J5 Credit Balance Paid-in Capital from Treasury Stock Date Explanation Ref. Debit 5 Retained Earnings Date Explanation Ref. Debit Balance Credit Balance 35 Treasury Stock Date Explanation Ref. Balance Debit Credit Balance SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a stockholders' equity section at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) PINA COLADA CORPORATION Balance Sheet (Partial) Click if you would like to Show Work for this question: Open Show Work