Problem 11-6A Metlock, Inc. has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 925,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2019, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (333 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated Other Comprehensive Income $120,000 21,500 925,000 1,628,000 3,663 501 83,000 57,000 The preferred stock was issued for land having a fair value of $141,500. All common stock issued was for cash. In November, 500 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 167 shares of treasury stock were sold for $14 per share. No dividends were declared in 2019. 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) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. No. Account Titles and Explanation Debit Credit Prepare the stockholders' equity section at December 31, 2019. (Enter the account name only and do not provide the descriptive information provided in the question.) Metlock, Inc. Balance Sheet (Partial)