Question 5 of 6 - / 1.75 III View Policies Current Attempt in Progress Novak Corp. has been authorized to issue 21,000 shares of $100 par value, 10%, noncumulative preferred stock and 967,200 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 post-closing balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,000 common shares) Paid-in Capital from Treasury Stock Retained Earnings $115.000 28.000 967.200 1,878,600 13,000 1,500 82,500 All the preferred stock was issued for land having a fair value of $143,000. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $13. In December, 500 shares of treasury stock were sold for $16 per share. No dividends were declared in 2022. (a) Prepare the journal entries for the following: (Credit account titles are automatically indented when amount is entered. Do not indent