Mary Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $3 par value common stock. On January 1, 2012, the ledger contained the following stockholders' equity balances. Preferred stock (10,000 shares) $500,00, Paid-in Capital in Excess of Par- Preferred stock $75,000, Common stock (70,000 shares) $210,000, Paid-in Capital in Excess of Par- Common stock $700,000, Retained Earnings $300,000. During 2012, the following transactions occured. feb1. issued 2,000 shares of preferred stock for land haveing a fair value of $125,000. mar1. issued 1000 shares of preferred stock for cash at $65 per share. jul1. issued 16000 shares of common stock for cash at $7 per share. sept1. issued 400 shares of preferred stock for a patent. The asking price of the patent was $30,000. Market values were preferred stock $70 and patent indeterminable. dec1. issued 8,000 shares of common stock for cash at $7.50 per share. dec31. net income for the year was $260,000. No dividends were declared. a.. prepare the stockholders' equity section at december 31, 2012