The stockholders' equity accounts of Oriole Company on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) $ 400,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par-Preferred Stock 110,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1,750,000 Treasury Stock (10,500 common shares) 42,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,500 shares of common stock for $120,000. Apr. 14 Sold 5,700 shares of treasury stock-common for $33,200. 3 Sept. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,800. Issued 4,900 shares of common stock for a patent valued at $34,300. Dec. 31 Determined that net income for the year was $490,000. No dividends were declared during the year. Question 7 of 7 < (a) > -/2.5 E 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Week 3 Outline nif Debit Credit ution 19 (b) 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 Paid-in Capital in Excess of Par-Preferred Stock Common Stock Question 7 of 7 Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Paid-in Capital from Treasury Stock -/2.5 (C) - / 2.5 E Prepare a stockholders' equity section at December 31, 2022, including the disclosure of the preferred dividends in arrears. (Enter the account name only and do not provide the descriptive information provided in the question.) Oriole Company Balance Sheet (Partial)