Problem 13-6A Irwin Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,600 shares of no-par common stock. The corporation assigned a $2.90 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders equity. Preferred Stock $120,000 Paid-in Capital in Excess of ParPreferred Stock 23,000 Common Stock 1,084,600 Paid-in Capital in Excess of Stated ValueCommon Stock 3,403,400 Treasury Stock (1,300 common shares) 14,300 Paid-in Capital from Treasury Stock 1,950 Retained Earnings 83,000 The preferred stock was issued for land having a fair value of $143,000. All common stock issued was for cash. In November, 1,950 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 650 shares of treasury stock were sold for $14 per share. No dividends were declared in 2017. Partially correct answer. Your answer is partially correct. Try again. 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.

No. Account Titles and Explanation Debit Credit 1. Land 143000 120000 23000 Preferred Stock Paid-in Capital in Exces 2. Cash 3145340 1084600 Common Stock Paid-in Capital in Exc 2060740 Treasury Stock 21450 Cash 21450 91001 Treasury Stock 7150 Paid-in Capital from Tr 950