Flounder Corporation is authorized to issue 22,500 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. During 2022 , the following transactions occurred. Feb. 1 Issued 1,800 shares of preferred stock for land having a fair value of $128,000. Mar. 1 Issued 1,200 shares of preferred stock for cash at $65 per share. July 1 Issued 16,000 shares of common stock for cash at $8 per share. Sept. 1 Issued 500 shares of preferred stock for a patent. The asking price of the patent was $28,500. Market price for the preferred stock was $69 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 $261,000. No dividends were declared. 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)