Problem 11-5A (Part Level Submission) Culver Corporation has been authorized to issue 20,800 shares of $100 par value, 8%, noncumulative preferred stock and 1,180,000 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (4,800 common shares) Retained Earnings Accumulated Other Comprehensive Income $158,000 21,800 2,000,000 1,590,000 67,200 84,600 49,800 The preferred stock was issued for $179,800 cash. All common stock issued was for cash. In November 4,800 shares of common stock were purchased for the treasury at a per share cost of $14. No dividends were declared in 2017. (a) Your answer is correct. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (1) (2) (3) Issuance of preferred stock for cash. Issuance of common stock for cash. Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit DI 1. Tcash 179,800 | Preferred Stock 158,000 1 T Paid-in Capital in Excess of Par Value-Preferred T 21800 NHEULIE 2. [cash ,590,000 > T Common Stock || 2,000,000 T Paid-in Capital in Excess of Stated Value-Commor|| T 1,590,000 3. Treasury Stock 67,200 T | Cash 67,200 Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet at December 31, 2017. CULVER CORPORATION Partial Balance Sheet December 31, 2017 T Stockholders' Equity T Paid-in Capital T Capital Stock T Preferred Stock 158,000 Common Stock 2,000,000 Total Capital Stock 2158000 T Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Preferred St 21800 Paid-in Capital in Excess of Stated Value-Commor 1,590,000 Total Additional Paid-in Capital 1611800 Total Paid-in Capital 3769800 Retained Earnings 84,600 IL Total Paid-in Capital and Retained Earnings 3854400 Less 4. 67,200 Treasury Stock Total Stockholders' Equity 3787200