Martinez Corporation is authorized to issue 21,500 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders equity balances.

Preferred Stock (11,500 shares)		$575,000
Paid-in Capital in Excess of ParPreferred Stock		73,500
Common Stock (68,500 shares)		342,500
Paid-in Capital in Excess of ParCommon Stock		660,000
Retained Earnings		320,000

During 2022, the following transactions occurred.

Feb.	1		Issued 1,900 shares of preferred stock for land having a fair value of $130,000.
Mar.	1		Issued 1,500 shares of preferred stock for cash at $70 per share.
July	1		Issued 15,000 shares of common stock for cash at $8 per share.
Sept.	1		Issued 550 shares of preferred stock for a patent. The asking price of the patent was $29,000. Market price for the preferred stock was $67 and the fair value for the patent was indeterminable.
Dec.	1		Issued 7,500 shares of common stock for cash at $8.50 per share.
Dec.	31		Net income for the year was $258,000. No dividends were declared.

(a)

Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

B)

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.)

Preferred Stock

Common Stock

Paid-in Capital in Excess of ParPreferred Stock

Paid-in Capital in Excess of ParCommon Stock

Retained Earnings

C)

Prepare a stockholders equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.)

MARTINEZ CORPORATION Balance Sheet (Partial)

PLEASE HELP FOR A, B & C... THANK YOU!