Problem 13-01A - (Part Level Submission) (Video) Concord Corporation is authorized to issue 25,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 per value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (11,000 shares) $550.000 Paid-in Capital in Excess of Par-Preferred Stock 68,000 Common Stock (63,000 shares) 315,000 Paid in Capital in Excess of Par-Common Stock 750,000 Retained Earnings 320,000 During 2020, the following transactions occurred. Teh 1 Issued 2,200 shares of preferred stock for land having a fair value of $120,000 Mar. 1 Issued 1,200 shares of preferred stock for cash at $70 per share. July 1 Issued 15,000 shares of common stock for cash at 58 per share. Sept 1 Issued 450 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $67 and the fair value for the potent was indeterminable Dec 1 Issued 8,000 shares of common stock for cash at $8.50 per share. Dec. 31 Net income for the year was $259,000. No dividends were declared. (c) Your answer is partially correct. Try again Prepare a stockholders' equity section at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) CONCORD CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 520150 13760001