Riverbed Corporation is authorized to issue 21,000 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (11,500 shares) $575,000 Paid-in Capital in Excess of Par-Preferred Stock 68.000 Common Stock (63,000 shares) 315,000 Paid-in Capital in Excess of Par-Common Stock 660,000 Retained Earnings 270,000 During 2022, the following transactions occurred. Feb. 1 Issued 2,100 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 $65 per share. July 1 Issued 15,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 350 shares of preferred stock for a patent. The asking price of the patent was $29,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Sept. 1 Issued 350 shares of preferred stock for a patent. The asking price of the patent was $29,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Dec. 1 Issued 7,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $257,000. No dividends were declared. (a) Your Answer Correct Answer (Used) Your answer is partially correct. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. 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 Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) RIVERBED CORPORATION Balance Sheet (Partial) $ $ $ $