Retained Earnings Bramble Corporation is authorized to issue 20, 506 Shares of 50 par value, 10% preferred stock and 120,00% shares of $5 par Katie common stock On January 1, 2026, the ledger contained the following stockholders equity balances. Preferred stock Li, 500 shares # 575,000 Raid in Capital in Excess of par. 69,000 preferred stock common stock (64,000 shares) 320,000 Raid in Capital in Excess of Par- 650,000 common Stock 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 L 500 shares of preferred stock for cash at $70 per shares. July 1 Issued 16,500 shares of common stock for cash at $8 per Shares. Issued 550 shares of preferred stock for a patent. The asking price of the patent was $31, 500. Market price for the preferred was $71 and the fair value for the patent was indeterminable Decl Issued 2 750 shares of common stack for cash at $8.50 per share Deczi Net Income for the year was $260,000, No dividends were declared A Journalize the transactions and the closingen? her Net Income. Prepare a stock holder equality Section at Dec 31 2020