P13.4A (LO 1, 2, 3) Financial Statement Peck Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (10,000 shares) $500,000 Paid-in Capital in Excess of Par Preferred Stock 75,000 Common Stock (70,000 shares) 350,000 Paid-in Capital in Excess of ParCommon Stock 700,000 Retained Earnings 300,000 Instructions a. Journalize the transactions. b. Post to the stockholders' equity accounts. (Use T-accounts.) P13.4A (LO 1, 2, 3) Financial Statement Peck Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (10,000 shares) $500,000 Paid-in Capital in Excess of Par Preferred Stock 75,000 Common Stock (70,000 shares) 350,000 Paid-in Capital in Excess of ParCommon Stock 700,000 Retained Earnings 300,000 Instructions a. Journalize the transactions. b. Post to the stockholders' equity accounts. (Use T-accounts.)