Problem 13-06A a-b (Part Level Submission) (Video) Riverbed Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,041,300 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity, Preferred Stock $105,000 Paid-in Capital in Excess of Par-Preferred Stock 38,500 Common Stock 1,041,300 Paid-in Capital in Excess of Stated Value - Common Stock 1,361,700 Treasury Stock (980 common shares) 11,760 Paid in Capital from Treasury Stock 1,470 Retained Earnings 80,500 Accumulated Other Comprehensive Income 51,000 1 The preferred stock was issued for land having a fair value of $143,500. All common stock issued was for cash. In November, 1,470 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 490 shares of treasury stock were sold for $15 per share. No dividends were declared in 2020, dy (a) Your answer is correct. Prepare the journal entries for the. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (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 Credit No. Account Titles and Explanation M 1. land 143500 Preferred Stock 105000 Tere to search O A10 40 3:46 PM 11/10/2020 Prisc Insert Delete - X C F10 11 fo F12 2 * & + $ C 1 Backspace Lock Prepare the stockholders' equity section at December 31, 2020. (Enter the account nam RIVERBED CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital