Culver Corporation's balance sheet at December 31, 2019, is presented below. CULVER CORPORATION Balance Sheet December 31, 2019 Cash $27,000 Accounts payable $26,500 Accounts receivable 45.500 Common stock ($10 par) 85,000 Allowance for doubtful accounts (2,000) Retained earnings 128.200 Supplies 4,200 Land 44,000 Buildings 146,000 Accumulated depreciation-buildings (25,000) $239,700 $239,700 During 2020, the following transactions occurred. 1 On January 1, 2020, Culver issued 1.200 shares of $42 par, 7% preferred stock for $51,600. 2. On January 1, 2020, Culver also issued 800 shares of the $10 par value common stock for $22,000. 3. Culver performed services for $325,000 on account