please include the calculations as I am trying to understand the optional end of chapter practice :)

$525,000 Whispering Winds Corporation is authorized to issue 22,500 shares of $50 par value. 10% preferred stock and 130.000 shares of $5 par value common stock On January 1, 2022, the ledger contained the following stockholders equity balances Preferred Stock (10.500 shares Paid-in Capital in Excess of Par-Preferred Stock Common Stock (68.500 shares Paid-in Capital in Excess of Par-Common Stock Retained Earnings 73.500 342.500 700.000 310,000 During 2022, the following transactions occurred. Feb 1 Mar 1 July 1 Sept 1 Issued 2000 shares of preferred stock for land having a fair value of $125,000 Issued 1.300 shares of preferred stock for cash at $70 per share, bued 16.000 shares of common stock for cash at $7 per share Issued 400 shares of preferred stock for a patent. The asking price of the patent was $28.000 Market price for the preferred stock was $70 and the tair value for the patient was indeterminable Issued 8.000 shares of common stock for cash at 57 50 per share Net income for the year was $260,000. No dividends were declared Dec 1 Dec 31 Jourralize the transactions and the closing entry for net income (List al debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent mentally Date Account Titles and Explanation Debit Credit Mart Seti Drei w Decat Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts. Post entries in the order of journal entries presented in the previous part) Preferred Stock Common Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock V > - 40 III Prepare a stockholders equity section at December 31, 2022. Enter the account home only and do not provide the descriptive Information provided in the question WHISPERING WINDS CORPORATION Balance Sheet (Partial)