Sarasota Corporation is authorized to issue 25,000 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances Preferred Stock (12,000 shares) $600,000 Paid-in Capital in Excess of Par-Preferred Stock 65,000 Common Stock (60,000 shares) 300.000 Pald-in Capital in Excess of Par --Common Stock 700,000 Retained Earnings 320,000 During 2020, the following transactions occurred. Feb. 1 Issued 2 200 shares of preferred stock for land having a fair value of $128.000 Mar. 1 Issued 1,000 shares of preferred stock for cash at $65 per share. July Issued 15,000 shares of common stock for cash at 57 per share. Sept. 1 Issued 500 shares of preferred stock for a patent. The asking price of the potent was $32,000. Market orice for the preferred stock was $69 and the fair value for the patent was indeterminable Dec 1 Issued 8.500 shares of common stock for cash at $7.50 per share Dec 31 Net Income for the year was $264,000. No dividends were declared. 1 Feb. 1 Land 128.000 Preferred Stock 110,000 Pald.in Capital in Excess of Par Preferred Stock 18,000 Mar. 1 Cash 65.000 Preferred Stock 50,000 Paid in Capital in Excess of Par-Preferred Stock 15,000 July 1 Cash 105,000 Common Stock 75.000 Paid-in Capital in Excess of Par-Common Stock 30,000 sept 1 Parents 34,500 Preferred Stock 25,000 Paid in Capitalin Excess of Par. Preferred Stock 9,500 Ject Cash 63.750 Common Stock 42.500 Paldin Capital Excissor Par Common Stock No 3t v Income Bonmary 4000 Retained Camino 264.000 Enter the beginning balances in the accounts, and post the journal entries to the stockholders'equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Question 3 of 4