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 $575.000 73.500 Preferred Stock (11.500 shares) Pald-in Capital in Excess of Par-Preferred Stock Common Stock ( 68.500 shares) Pald-in Capital in Excess of Par-Common Stock Retained Earnings 342 500 660,000 320,000 During 2022. the following transactions occurred. Feb 1 tesued 1.900 srares of preferred stock for land having a fal value of $ 130,000. Issued 1500 shares of preferred stock for cash at $ 70 per share Mar 1 July 1 Issued 15.000 shares of common stock for cash at Seper share Sept 1 Issued 550 shares of preferred stock for patent The song prior of the patent was $29.000. Market price for the preferred stock w $ 67 and the fair value for the patent was indeterminable Dec 1 Issued 7500 shares of common stock for cash at 58.50 per share. Dec 31 Net income for the year was $258000 No dividends were dedared Journalize the transactions and the dosing 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) Date Account Titles and Explanation Debit Credit