Melvina Corporation has been authorized to issue 20,200 shares of $100 par value, 7%, noncumulative preferred stock and 1,121,200 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2012, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $156,100 Paid -in Capital in Excess of Par Value?Preferred Stock 22,260 Common Stock 2,040,000 Paid -in Capital in Excess of Stated Value?Common Stock 1,451,000 Treasury Stock?Common (4,390 shares) 35,120 Retained Earnings 84,000 The preferred stock was issued for $178,360 cash. All common stock issued was for cash. In November 4,390 shares of common stock were purchased for the treasury at a per share cost of $8. No dividends were declared in 2012. *(a) Your answer is correct. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. i Debit Credit 1. Cash 178,360 Preferred Stock 156,100 Paid -in Capital in Excess of Par Value -Preferred Stock 22,260 2. Cash 3,491,000 Common Stock 2,040,000 Paid -in Capital in Excess of Stated Value -Common Stock 1,451,000 3. Treasury Stock -Common 35,120 Cash 35,120