Problem 11-6A (Part Level Submission) Irwin Corporation has been authorized to issue 20,600 shares of $100 par value, 10%, noncumulative preferred stock and 920,861 shares of no-par common stock. The corporation assigned a $2.41 stated value to the common stock. At December 31, 2015, the ledger contained the following balances pertaining to stockholders' equity $100,000 41,700 920,861 1,723,600 14,000 500 81,900 Preferred Stock Paid-in Cap in Excess of Par-Preferred Stock Common Stock Paid-in Capil in Excess of Stated Value-Common Stock Treasury Stock (1,000 common shares) Paid-in Capital from Treasury Stock Retained Earnings The preferred stock was issued for land having a fair value of $141,700. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $14. In December, 500 shares of treasury stock were sold for $15 per share. No dividends were declared in 2015. Your answer is correct. Prepare the journal entries for the: (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 0 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 Debit No. Account Titles and Explanation Credit 1. Land 141,700 Preferred Stock 100,000 41,700 Paid-in Capital in Exces 2. TCash 2,644,461 Common Stock 920,861 Paid-in Capital in Exces 1,723,600 3. Treasury Stock 21,000 21,000 Cash 4. Cash 7,500 Treasury Stock 7,000 Paid-in Capital from Tre 500