Flounder Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 1,023,300 shares of no-par common stock. The corporation assigned a $2.70 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (980 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated Other Comprehensive Income $130,000 11,500 1,023,300 1,250,700 11,760 1,470 80,500 53,000 The preferred stock was issued for land having a fair value of $141,500. All common stock issued was for cash. In November, 1,470 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 490 shares of treasury stock were sold for $15 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) (2) (3) (4) Issuance of preferred stock for land. Issuance of common stock for cash. Purchase of common treasury stock for cash. Sale of treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4