Question 2 Bramble Corporation is authorized to issue 20,500 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (11,500 shares) $575,000 Paid-in Capital in Excess of Par-Preferred Stock 69,000 Common Stock (64,000 shares) 320,000 Paid-in Capital in Excess of Par-Common Stock 650,000 Retained Earnings 280,000 During 2020, the following transactions occurred. Feb. 1 Issued 1,800 shares of preferred stock for land having a fair value of $123,000. Mar. 1 Issued 1,500 shares of preferred stock for cash at $70 per share. July 1 Issued 16,500 shares of common stock for cash at $8 per share. Sept. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $31,500. Market price for the preferred stock was $71 and the fair value for the patent was indeterminable. Dec. 1 Issued 7,750 shares of common stock for cash at $8.50 per share. Dec. 31 Net income for the year was $250,000. No dividends were declared. (b) Your answer is partially correct. Try again. 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 Bal. Bal 575000 Feb. 17 90000 Feb. 1 665000 Mar. 1 v cash Sept. 1 patents Sept. 1 Dec. 31 767,500 Common Stock OOP lle Paid-in Capital Excess of Par-Preferred Stock DODO cili cili Paid-in Capital in Excess of ParCommon Stock V II Retained Earnings MAR 11 000