P13-29A Lockridge-Priest, Inc., was organized in 2008. At December 31, 2008 the Lockridge-Priest balance sheet reported the following stockholders equity: Paid-in capital: Preferred stock, 6%, $50 par, 100,000 shares authorized, none Common stock, $1 pat, 500,000 shares authorized, 60,000 shares issued 60,000 Paid-in capital in excess of par common.40,000 100,000 Total paid-in capi Retained earnings Total stockholders' equity $125.000 Requirements 1. During 2009, t he company completed the following selected transactions. Journalize each transaction. Explanations are not required. a. Issued for cash 1,000 shares of preferred stock at par value. (pp. 648-649) share. (pp. 646-647) declared no dividends. Make the closing entry for net income. b. Issued for cash 2,000 shares of common stock at a price of $3 per c. Net income for the year was $75,000, and the company (PP. 643-644) 2. Prepare the stockholders' equity section of the Lockridge-Priest bal- ance sheet at December 31, 2009. (Ppp. 649-650)