hd ai (acc 114/121) Question 1 Irwin Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stockholders equity stock and 888,000 shares of no-par common stock. The Preferred Stock $100,000 40,000 888,000 1,332,000 6,600 Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (600 common shares) Paid-in Capital from Treasury Stock Retained Earnings The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 900 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 300 shares of treasury stock were declared in 2017. were sold for $14 per share. No dividends Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (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. Debit E2010-04-19.073617.8 s CH12 pdt