Pina Colada Corporation was organized on January 1, 2020. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and 512,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 79,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,850 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 23,000 shares of common stock for land. The asking price of the land was $87,500. The fair value of the land was $88,000. May 1 Issued 81,000 shares of common stock for cash at $4.50 per share. Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $108 per share Journalize the transactions. (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 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock PINA COLADA CORPORATION Balance Sheet (Partial)