Problem 13-03A a-c (Video) The stockholders' equity accounts of Flounder Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 11,000 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $ 408,000 1,250,000 100,000 1,400,000 1,800,000 55,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $122,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $33,900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $420,000. No dividends were declared during the year. Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Debit Credit Balance Jan. 1 $ Balance 1 Common Stock Date Explanation Ref. Debit Credit Balance Balance Paid-in Capital In Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance U Balance vi Palumn Capital in EXCESS or sacea Valle Common Stock Date Explanation Ref. Debit Credit Balance Balance Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance Retained Earnings Date Explanation Ref. Debit Credit Balance Balance Treasury Stock Date Explanation Ref. Debit Credit Balance Balance x 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.) FLOUNDER CORPORATION Balance Sheet (Partial) December 31, 2020 T Stockholders' Equity Paid-in Capital T Capital Stock Preferred Stock 100,000 Tcommon Stock 1,250,000 Total Capital Stock 1,350,000 T Additional Paid-in Capital | Paid-in Capital in Excess of Par-Preferred Stock 100,000 -- T Paid-in Capital in Excess of Stated Value-Commor|| | 1,400,000 Paid-in Capital in Excess of Par-Preferred Stock 408,000 1 Total Additional Paid-in Capital 1908000 Total Paid-in Capital X Click if you would like to Show Work for this question. Onen Show Work