Concord Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stock and 997,100 shares of no par common stock. The corporation assigned a $2.60 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 (960 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated Other Comprehensive Income $110,000 31,500 997,100 1,687,400 12,480 1,440 83,500 57.000 The preferred stock was issued for land having a fair value of $141,500. All common stock issued was for cash. In November 1440 shares of common stock were purchased for the treasury at a pershare cost of $13. In December, 480 shares of treasury stock were sold for $16 per share. No dividends were declared in 2020. (1) (2) (3) 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. Credit Debit No. Account Titles and Explanation 1. 2. 3. 4