Culver Corporation is authorized to issue 24,500 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. $575,000 73,000 Preferred Stock (11,500 shares) Paid-in Capital in Excess of Par- Preferred Stock Common Stock (68,000 shares) Paid-in Capital in Excess of Par- Common Stock Retained Earnings 340,000 710,000 350,000 During 2020, the following transactions occurred. Mar. Feb. 1 Issued 2,200 shares of preferred stock for land having a fair value of $124,000. 1 Issued 1,200 shares of preferred stock for cash at $65 per share. July 1 Issued 15,000 shares of common stock for cash at $8 per share. Sept. 1 Issued 400 shares of preferred stock for a patent. The asking price of the patent was $32,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Dec. 1 Issued 8,000 shares of common stock for cash at $8.50 per share. Dec. 31 Net income for the year was $258,000. No dividends were declared. Your answer is correct. 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 Feb. 1 V Land 124000 Preferred Stock 110000 Paid-in Capital in Excess of Par-P 14000 Mar. 1 Cash 78000 Preferred Stock 60000 Paid-in Capital in Excess of Par-P 18000 July 1 Cash 120000 Common Stock 75000 Paid-in Capital in Excess of Par-C 45000 Sept. 1 v Patents 28000 Preferred Stock 20000 Paid-in Capital in Excess of Par-P 8000 Dec. 1 Cash 68000 Common Stock 40000 Paid-in Capital in Excess of Par-C 28000 Dec. 31 v Income Summary 258000 Retained Earnings 258000 (b) 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 Common Stock Paid-in Capital in Excess of Par- Preferred Stock Paid-in Capital in Excess of Par- Common Stock V Retained Earnings