Culver Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,081,700 shares of no-par common stock. The corporation assigned a $2.90 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $130,000 Paid-in Capital in Excess of Par-Preferred Stock 10,000 Common Stock 1,081,700 Paid-in Capital in Excess of Stated Value-Common Stock 1,902,300 Treasury Stock (1,020 common shares) 11,220 Paid-in Capital from Treasury Stock 1,530 Retained Earnings 84,500 Accumulated Other Comprehensive Income 51,000 The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,530 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 510 shares of treasury stock were sold for $14 per share. No dividends were declared in 2020. (a) Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4