Problem 11-3A The stockholders' equity accounts of Whispering Winds Corp. on January 1, 2019, were as follows. $416,000 Preferred Stock (8%, $ 52 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) 1,300,000 120,000 Paid-in Capital in Excess of Par-Preferred Stock 1,450,000 Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treacury Stock (10,500 common shares) 1,800,000 52,500 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity 1 lssued 25,500 shares of common stock for $118,000. Apr. 14 Sold 5,800 shares of treasury stock-common for $33,000. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,100. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,800. Dec. 31 Determined that net income for the year was $485,000. Feb. No dividends were declared during the year Journalize the transactions and the closing entry for net income. (Record journal entries in the orde for the account titles and enter 0 for the amounts.) Account Titles and Explanation Credit Date Debit Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock RESOURCES m Solving 1-1A 1-3A lation: e the IF Paid-in Capital in Excess of Stated Value-Common Stock ults by tive Retained Earnings Paid-in Capital from Treasury Stock Treasury Stock RCES Treasury Stock ing Prepare a stockholders' equity section at December 31, 2019, indluding the disclosure of the preferred dividends in arrears. (Enter the Whispering Winds Corp. Balance Sheet (Partial) ES > Open Show Work Click if you would like to Show Work for this question: SHOW SOLUTION