Pronghorn Corporation is authorized to issue 21.000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (10,000 shares) $500,000 Paid-in Capital in Excess of Par-Preferred Stock 71,000 Common Stock (66,000 shares) 330,000 Paid-in Capital in Excess of Par-Common Stock 750,000 Retained Earnings 250,000 During 2022, the following transactions occurred. Feb. 1 Issued 2,200 shares of preferred stock for land having a fair value of $122,000. 1 Issued 1,000 shares of preferred stock for cash at $70 per share. Mar July 1 Sept. 1 Issued 16,500 shares of common stock for cash at $8 per share. Issued 500 shares of preferred stock for a patent. The asking price of the patent was $30,500. Market price for the preferred stock was $69 and the fair value for the patent was indeterminable. Dec. Dec. 31 1 Issued 7,500 shares of common stock for cash at $8.50 per share. Net income for the year was $261,000. No dividends were declared. Your answer is partially correct. Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock 10000 0000 500,000 Bal. 110,000 Feb. 1 50,000 Mar. 1 25,000 Sept. 1 685,000 Dec. 31 Common Stock 330,000 Bal 82,500 July 1 37,500 Dec. 1 450,000 Dec. 31 Paid-in Capital in Excess of Par-Preferred Stock 71,000 Bal Paid-in Capital in Excess of Par-Preferred Stock 71,000 Bal. 12,000 Feb. 1 20,000 Mar. 1 9,500 Sept. 1 125,000 Dec. 31 Paid-in Capital in Excess of Par-Common Stock 750,000 Bal 49,500 July 1 26,250 Dec. 1 825,750 Dec. 31 Retained Earnings 250,000 Bal 261,000 Dec. 31 511,000 Dec. 31 Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) PRONGHORN CORPORATION Balance Sheet (Partial) $