Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1 Sudoku Company issues 21,000 shares of $6 par value common stock in exchange for land and a building. The land is: valued at $240,000 and the bullding at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. Journal entry worksheet Record the issue of 21,000 shares of $6 par value common stock in exchange for land valued at $240,000 and a building valued at $368,000. Note: Enter debits before credits. Exercise 11-15 (Algo) Preparing stockholders' equity section LO P1, C2, P3, C3 In Draco Corporation's first year of business, the following transactions affected its equity accounts. - Issued 7,800 shares of $2 par value common stock for $56. It authorized 20,000 shares. - Issued 1,950 shares of 12%,$10 par value preferred stock for $61. It authorized 3,000 shares. - Reacquired 390 shares of common stock for $68 each. - Retained earnings is impacted by reported net income of $88,000 and cash dividends of $34,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. Note: Amounts to be deducted should be indicated by a minus sign. Exercise 11-17 (Algo) Determining retained earnings balance LO C3 Tuscan Incorporated had a retained earnings balance of $86,000 at December 31,2019 . During the year, Tuscan had the following selected transactions. - Reported net income of $126,000. - Revised an estimate of a machine's salvage value. Depreciation increased by $3,600 per year. - An error was discovered. Three years ago, a purchase of a bullding was incorrectly expensed. The effect is understated retained earnings of $38,000 (net of tax benefit). - Paid cash dividends of $59,000. Calculate the retained earnings balance at December 31, 2020. Note: Amounts to be deducted should be indicated with a minus sign