Concord Corporation is authorized to issue 23.500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. $525,000 68,500 Preferred Stock (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (63,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 317.500 750,000 330,000 During 2022, the following transactions occurred. Feb. 1 Mar. 1 July 1 Sept. 1 Issued 2,000 shares of preferred stock for land having a fair value of $127,000. Issued 1,300 shares of preferred stock for cash at $65 per share Issued 17,000 shares of common stock for cash at $7 per share. Issued 550 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Issued 8,500 shares of common stock for cash at $7.50 per share. Net income for the year was $265,000. No dividends were declared. Dec 1 Dec. 31 Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part) Preferred Stock V Common Stock 1 V Paid-in Capital in Excess of Par-Preferred Stock V C > Paid-in Capital in Excess of Par-Common Stock >