Spector Company began the 20X3 calendar year with the following balances in its contributed capital accounts: Preferred stock, $100 par value; authorized, 1 million shares Common stock, $5 par value; authorized, 5 million shares; Contributed capital in excess of par - preferred issued and outstanding, 200,000 shares $20,000,000 issued and outstanding, 1,500,000 shares 7,500,000 2,000,000 10,000,000 Contributed capital in excess of par common During 20X3, the following stock transactions occurred: Issued 100,000 shares of common at $18 per share. Incurred stock issue costs of $80,000 Issued 20,000 shares of preferred for $2,400,000. As a "sweetener," Spector included one share of common stock with each five shares of preferred. The market prices of the common and preferred at the time of issuance were $15 and $120 per share, respectively Received subscriptions for 200,000 shares of common at $18 per share. Subscribers paid one-third of the subscription price as a down payment, with the remainder due in two equal installments in 30 and 60 days. (The installments are due in 20X4). Requtired: 1.Prepare journal entries to record the stock transactions. 2. Prepare the contributed capital section of Spector Company's balance sheet at December 31, 20X3