NEXT Problem 13-04a (Video) Riverbed Corporation is authorized to issue 21,000 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2030, the edge contained the following stockholders' equity balances. Preferred Stock (11,500 shares) $575,000 Paid in Capital in excess of Par-Preferred Stock 68,000 Common Stock (63,000 shares) 315.000 Paid-in Capital in Excess of Par. Common Stock 660,000 Retained Earning 270,000 During 2020, the following transactions occurred. Feb. 1 Issued 2,100 shares of preferred stock for land having a fair value of $120,000 More 1 issued 1,200 shares of preferred stock for cash at $65 per share July 1 issued 15,000 shares of common stock for cash at $7 por share Sept. 1 Issued 350 shares of preferred stock for a patent. The asking price of the patent was $29.000. Harket price for the ridered stock was and the fair value for the patent was indeterminable Dec 1 Issued 7.500 shares of common stock for cash at $7.50 per share. Dec 31 Net Income for the year was $257,000. No dividends were declared FULLSCREEN PORTER VERSION BAO Journalize the transactions and the dosing entry for net income. (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 9:43 PM Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entre presented hit the previous part) Preferred Stock Common Stock > > > Paid-in Capital in Excess of Par-Common Stock