Question 4 of 4 - 125 View Policies Current Attempt in Progress Ayayai Corporation has been authorized to issue 20.000 shares of $100 par value, 10%, preferred stock and 888.000 shares of no par common stock. The corporation assigned a $2.40 stated value to the common stock At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity Preferred Stock $ 100.000 Pald-in Capital in Excess of Par-Preferred Stock 40.000 Common Stock 888.000 Paid in Capital in Excess of Stated Value-Common Stock 1,332.000 Treasury Stock (800 common shares) 8.800 Pald-in Capital from Trennury Stock 1200 Retained Earnings 80.000 Accumulated Other Comprehensive Income 50.000 The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1.200 shares of common stock were purchased for the treasuryata per share cost of $11. In December 400 shares of treasury stock were sold for 514 per share, No dividends were declared in 2020 Question 4 of 4 -/25 Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) (2) (3) Issuance of preferred stock for land. Issuance of common stock for cash. Purchase of common treasury stock for cash. Sale of treasury stock for cash. No. Account Titles and Explanation 1. Debit Credit 2. 3. 4