Question 2 Culver Corporation is authorized to issue 24,500 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (11,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (68,000 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $575,000 73,000 340,000 710,000 350,000 During 2020, the following transactions occurred Feb 1 Issued 2,200 shares of preferred stock for land having a fair value of $124,000. Mar. 1 Issued 1,200 shares of preferred stock for cash at 565 per share, July 1 Issued 15,000 shares of common stock for cash at $8 per share, Sept. 1 Issued 400 shares of preferred stock for a patent. The asking price of the patent was $32,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Dec. 1 Issued 8,000 shares of common stock for cash at $8.50 per share. Dec. 31 Net income for the year was $258,000. No dividends were declared. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit