The stockholders' equity accounts of Flounder Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 11,000 shares authorized) Common Stock ($1 stated value, 1,950,000 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 (11,000 common shares) $ 408,000 1,250,000 100,000 1,400,000 1,800,000 55,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $122,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $33,900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $420,000. 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 t ndan CES Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use 15 for the posting reference. order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Debit Credit Balance Balance V ay Common Stock Date Explanation Ref. Debit Credit Balance Balance 35 15 Balance Paid-in Capital in excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Paid-in Capital in excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance Balance 05 35 Pald-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance : 15