Part II Journal Entries for Stock Transactions Jackson Corporation has been authorized to issue 50.000 shares of $100 par value, 10%. preferred stock and 1,500,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2019, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $ 120,000 Paid-in Capital in Excess of Par-Preferred Stock 20.000 Common Stock 1.000.000 Paid-in Capital in Excess of Stated ValueCommon Stock 1.800.000 Treasury Stock (1.000 common shares) 11,000 Paid-in Capital from Treasury Stock 1,500 Retained Earnings 92.000 The preferred stock was issued for land having a fair value of $140.000. All common stock issued was for cash In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 500 shares of treasury stock were sold for $14 per share. No dividends were declared in 2019. Instructions (a) Prepare the journal entries for the: (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. (b) Prepare the stockholders' equity section at December 31, 2019