Problem 13-04A - (Video) Flounder Corporation is authorized to 22,500 shares of $50 par value, 10% preferred stock and 125,000 shares of ss par value common stock. On January 1, 2020, the lediger contained the following stockholders' Preferred Stock (10,000 shares) $500,000 Paid-in Capital in excess of Pre-Preferred Stock 66,500 Common Stock (61,500 shares) 307,500 Paid-in Capital in Excess of Pe-Common Stock 700,000 Retained Eaming 350,000 During 2020, the following transactions occurred. Feb. 1 Issue 1,800 shares of preferred stock for land having a fair value of S128,000. Mail 1 Issa 1,200 shares of preferred stock for cash at 565 per share. July 1 Issue 16,000 shares of common stock for cash at $8 par share Sept. 1 Issued 500 shares of preferred stock for a patent. The asking price of the patient was $28,500. Market price for the preferred stock was $60 and the fair value for the patient 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 $251,000. No dividends were declared. Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Postens Preferred Steck Common Stock Paid in Capital in Excess of ParPreferred Stock I., III, I, I,, ONLINE Paid in Capital in Excess of Par Common Stock Retained Earnings SHOW LIST OF ACCOUNTS SHOW ANSWER Prepare a stockholders' equity sedon at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the FLOUNDER CORPORATION Balance Sheet(Partial Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT