Question 13 of 13 < View Policies -/5 III Current Attempt in Progress Pronghorn Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 1,040,000 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $125,000 Paid-in Capital in Excess of Par-Preferred Stock 17,000 Common Stock 1,040,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,760,000 Treasury Stock (820 common shares) 9,840 Paid-in Capital from Treasury Stock 1,230 Retained Earnings 82,000 The preferred stock was issued for land having a fair value of $142,000. All common stock issued was for cash. In November, 1,230 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 410 shares of treasury stock were sold for $15 per share. No dividends were declared in 2022. (a) Prepare the journal entries for the: (List all debit entries before credit entries. 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 1. 2. Debit Credit 3. 4. (b) Prepare the 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) $ $ eTextbook and Media List of Accounts $