Problem 13-03A a-c (Video) The stockholders' equity accounts of Whispering Winds Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,500 common shares) $360,000 1,050,000 150,000 1,500,000 1,800,000 52,500 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,800. Dec. 31 Determined that net income for the year was $485,000. No dividends were declared during the year. Your answer is correct. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in th entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Cash 121000 | Common Stock T 24500 Paid-in Capital in Excess of Stated Value-Commor 96500 OL Apr. 14 Cash Treasury Stock KOKOPO 28000 Paid-in Capital from Treasury Stock 5100 Sept.3 - Patents 34500 T Common Stock IL 5200 Paid-in Capital in Excess of Stated Value-Commor|| 29300 Treasury Stock 580017 Cash 5800 Income Summary 485000 Retained Earnings 485000 Preferred Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Jan. 1 Balance Balance Vz O 3 60000 Common Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 1050000 2 Feb. 1 24500T 1074500 5200 | 1079700 Sept. 3 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Jan. 1 Balance Credit Balance 150000 Paid-in Capital in Excess of Stated Value-Common Stock Explanation Ref. Debit Credit Balance Jan. 1 Balance 1500000 Feb. 1 1 U 96500 29300 1596500 162500 Sept. 3 - Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance Apr. 14 - 5100 Retained Earnings Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 1800000 485000 1 2285000 Dec. 31 Treasury Stock Date Explanation Ref. Jan. 1 Balance Debit Credit Balance 52500 Apr. 14 - 5 T 28000 80500 Nov. 10 - 5800 74700 SHOW LIST OF ACCOUNTS WHISPERING WINDS CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 360000 Common Stock 1079700 Total Capital Stock 1439700 Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock 150000 Paid-in Capital in Excess of Par-Common Stock T 1625800 Paid-in Capital from Treasury Stock 5100 Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings 2285000 Total Paid-in Capital and Retained Earnings - Less 74700 tock Stockholders' Equity Show Work is REQUIRED for this question: Open blank Show Work Copy Show Work from Previous attempt