FIX BOXES IN RED

Swifty Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, noncumulative preferred stock and 1,078,000 shares of no-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31, 2022, the ledger contained the following post-closing balances pertaining to stockholders' equity. Preferred Stock $110,000 Paid-in Capital in Excess of ParPreferred Stock 33,500 Common Stock 1,078,000 Paid-in Capital in Excess of Stated ValueCommon Stock 1,443,750 Treasury Stock (960 common shares) 12,480 Paid-in Capital from Treasury Stock 1,440 Retained Earnings 82,500 All preferred stock was issued for land having a fair value of $143,500. All common stock issued was for cash. In November, 1,440 shares of common stock were purchased for the treasury at a per share cost of $13. In December, 480 shares of treasury stock were sold for $16 per share. No dividends were declared in 2022. Prepa re the journal entries for the following: (Credit account titles are automatically indented when amount is entered. Do not under manually. if no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (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 1. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 143500 Credit Cash l; 33500 2. Treasury Stock Common Stock Paid-in Capital in Excess of Par-Common Stock 3. Cash 2521750 1443750 l; l; 18720 | Treasury Stock 4. Treasury Stock 6240 Paid-in Capital from Treasury Stock ':| 1440