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 $575.000 68,000 Preferred Stock (11500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (63,000 shares) Paid-in Capital in Excess of Par--Common Stock Retained Earnings 315,000 660,000 270,000 During 2022. the following transactions occurred. Feb. 1 Mar. 1 July 1 Sept. 1 Issued 2.100 shares of preferred stock for land having a fair value of $124.000. Issued 1.200 shares of preferred stock for cash at $65 per share Issued 15,000 shares of common stock for cash at $7 pershare. 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. Issued 7.500 shares of common stock for cash at $7.50 per share. Net income for the year was $257.000. No dividends were declared. Dec 1 Dec 31 Journal the transactions and the dosing entry for net income. (Ust of 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 many Date Account Titles and Explanation Debit Credit