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Problem 11-5A *Problem 11-5A Pringle Corporation has been authorized to issue 21,300 shares of $100 par value, 8%, noncumulative preferred stock and 1,051,300 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $167,000 Paid Capital in Excess of Par Value-Prefemed Stock 20,790 Common Stock 2,210,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,505,000 Treasury Stock 5,530 common shares) 66,360 Retained Earnings 80,300 The preferred stock was issued for $187,790 cash. All common stock issued was for cash. In November 5,530 shares of common stock were purchased for the treasury at a per share cost of $12. No dividends were declared in 2014. Prepare the journal entries for the following. (credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of prefemed stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit Prepare the stockholders' equity section of the balance sheet at December 31, 2014. PRINGLE CORPORATION Partial Balance Sheet December 31, 2014