Problem 11-3A The stockholders' equity accounts of Cheyenne Corp. on January 1, 2019, were as follows. Preferred Stock (8%, $48 par, cumulative, 10,000 shares authorized) $ 384,000 Common Stock ($1 stated value, 2,100,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par-Preferred Stock 150,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1,750,000 Treasury Stock (11,000 common shares) 44,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,000 shares of common stock for $117,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $33,700. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $420,000. No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Record journal entries in the orde titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 117000 Common Stock 24000 Paid-in Capital in Excess of Par-Common Stock 93000 Apr. 14 Cash 33700 Paid-in Capital from Treasury Stock 9700 Treasury Stock 24000 Sept. 3 Patents 35000 Common Stock 5100 Paid-in Capital in Excess of Par-Common Stock 29900 Nov. 10 v Treasury Stock 5700 Cash 5700 Dec. 31 Income Summary 420000 Dec. 31 Income Summary 420000 Retained Earnings 420000 Enter the beginning balances in the accounts, and post the journal entries to Preferred Stock Jan. 1 Bal. 384000 Paid-in Capital in Excess of Par Value-Preferred Stock Jan. 1 Bal. V . 150000 Common Stock Jan. 1 Bal. V 1250000 Feb. 1 > 24000 Sep. 3 5100 Paid-in Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. V 1400000 Feb. 1 93000 Sep. 3 29900 Retained Earnings V Jan. 1 Bal. 1750000 Dec. 31 420000 Paid-in Capital from Treasury Stock Apr. 14 9700 Treasury Stock Jan. 1 Bal. 44000 Apr. 14 24000 Nov. 10 5700 Prepare a stockholders' equity section at December 31, 2019, including the disclosure of the preferred dividends in a Cheyenne Corp. Balance Sheet (Partial) December 31, 2019 Capital Stock $ Click if you would like to Show Work for this question: Open Show Work