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, 2020, the ledger contained the following stockholders' equity balances. $500,000 66,500 Preferred Stock (10,000 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (61,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 307,500 700,000 350,000 During 2020, the following transactions occurred. 1 Feb. Mar. 1 1 July Sept. 1 Issued 1,800 shares of preferred stock for land having a fair value of $128,000. Issued 1,200 shares of preferred stock for cash at $65 per share. Issued 16,000 shares of common stock for cash at $8 per share. 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. Issued 8,000 shares of common stock for cash at $8.50 per share. Net income for the year was $261,000. No dividends were declared. Dec. 1 Dec. 31 Date Account Titles and Explanation Debit Credit