Problem 11-5A Pringle Corporation has been authorized to issue 19,300 shares of $100 par value, 7%, noncumulative preferred stock and 1,031,900 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders equity. Preferred Stock $165,800 Paid-in Capital in Excess of Par ValuePreferred Stock 21,220 Common Stock 2,030,000 Paid-in Capital in Excess of Stated ValueCommon Stock 1,702,000 Treasury Stock (5,950 common shares) 59,500 Retained Earnings 80,100 The preferred stock was issued for $187,020 cash. All common stock issued was for cash. In November 5,950 shares of common stock were purchased for the treasury at a per share cost of $10. No dividends were declared in 2014. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. 2. 3. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the stockholders equity section of the balance sheet at December 31, 2014. PRINGLE CORPORATION Partial Balance Sheet December 31, 2014 $ $ $ : $