Grouper Corporation is authorized to sue 22,000 shares of sso par valu, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the leder contained the following stockholders' equily balances $575.000 Preferred Stock (11,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (60.000 shares) Paid-in Capital in Excess of Par-Common Stock Retained aming 345.000 600.000 200.000 During 2020, the following transactions occurred. Feb. 1 Issue 1,000 shares of preferred stock fr land having a fair value of $125,000. Mat 1 Issue 1,000 shares of preferred stock fr cash at $20 pur share. 1 Isswd 17,000 shares of common stock for cash at $7 par share Sept. i Isid 550 shares of preferred stock for a patent. The asking price of the patient was $21,500. Market price for the preferred stock was $71 and the fair value for the patient was indeterminable 1 Issue 8,250 shares of common stock for cash at $7.50 par share Dec 31 Net income for the year was $257,000. Na dividends were declared. De Your answer is corred. Journalise the transactions and the closing entry for net income. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent man Date Account Titles and Explanation Dubit Credit Feb. 1 Vlland 125000 Preferred Stock 95000 Paid-in Capital in Excess of Par-Preferred Stock 30000 Mar. 1 I Cash 70000 Preferred Stock 50000 Paid-in Capital in Excess of Par-Preferred Stock 20000 July 1 Il Cash 119000 Common Stock 85000 Paid-in Capital in Excess of Par-Common Stock 34000 Supl. 1 Plants 30050 Preferred Stock 27500 Paid-in Capital in Excess of Par-Preferred Stock 11550 Dec. 1 Cash 61875 Common Stock 412501 Paid-in Capital in Excess of Par-Common Stock 20625 Dec. 31 Income Summary 2570001 (b) Enter the beginning balances in the accounts, and post the joumal entries to the stockholders' equity accounts. (Pest entries in the order of journal entries presented in the previous part.) Preferred Stock Common Stock Paid in Capital in Excess of Par-Preferred Stock Paid in Capital in Excess of Par Common Stock Retained Earnings Click if you would like to Shew Work for this question: on www