Blue Spruce Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,007,500 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (840 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated Other Comprehensive Income $125,000 15,500 1,007,500 1,410,500 10,920 1,260 82,500 62,000 The preferred stock was issued for land having a fair value of $140,500. All common stock issued was for cash. In November, 1.260 shares of common stock were purchased for the treasury at a per share cost of $13. In December, 420 shares of treasury stock were sold for $16 per share. No dividends were declared in 2020. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) (2) (3) (4) Issuance of preferred stock for land. Issuance of common stock for cash. Purchase of common treasury stock for cash. Sale of treasury stock for cash. Debit Credit No. Account Titles and Explanation 1. Land Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock 2. Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock 3. Treasury Stock Cash 4. Cash Treasury Stock Paid-in Capital from Treasury Stock BLUE SPRUCE CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Pald-in Capital from Treasury Stock Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings