Stockholders equity

Shields Corporation has been authorised to issue 20 000 shares of $100 par value, 10% non-cumulative preferred stock and 1 000 000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock at December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $120 000 Paid-in capital in excess of par value Preferred $20 000 Common stock $1 000 000 Paid-in capital in excess of stated value common $2 600 000 Treasury stock common (1 000 shares) $12 000 Paid-in capital from treasury stock $1 000 Retained earnings $82 000 The preferred stock was issued for land having a fair market value of $140 000. All connnon stock issued was for cash. In November 1 500 shares of common stock were purchased for treasury at a per share cost of $12. In December, 500 shares of treasury sold for $14 pr share. No dividends were declared in 2020. Instructions (:1) Prepare the journal entries for i. the issuance of preferred stock for land ii. the issuance of common stock for cash iii. the purchase of common treasury stock for cash iv. the sale of treasury stock for cash 01) Prepare the shareholders' equity section at December 31, 2005