The stockholders' equity accounts of Concord Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $52 par, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $ 390,000 1,000,000 130,000 1,500,000 1,750,000 50,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Apr. Sept. Nov. Dec. 14 3 10 Issued 26,000 shares of common stock for $124,000. Sold 5,600 shares of treasury stock-common for $32,400. Issued 4,800 shares of common stock for a patent valued at $34,000. Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Determined that net income for the year was $435,000. 31 No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation stion 11 of 11 -/1 Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Post entries in the order of journal entries presented in the previous part.) Date Debit Credit Balance Preferred Stock Explanation Ref. Balance Common Stock Date Explanation Ref. Debit Credit Balance Balance 35 35 Credit Balance Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Balance V Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Balance Credit Balance 35 35 Paid-in Capital from Treasury Stock Talum wapia Tomeasury LUCK Date Explanation Ref. Debit Credit Balance J5 Retained Earnings Date Explanation Ref. Balance Debit Credit Balance 35 Treasury Stock Date Explanation Ref. Balance V Debit Credit Balance J5 J5 Prepare a stockholders' equity section at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) CONCORD CORPORATION Balance Sheet (Partial) V v search o 00