The stockholders' equity accounts of Sarasota Corporation on January 1, 2022 were as follows. $ 442,000 1,100,000 100,000 Preferred Stock (8%, $ 52 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 ( 10,000 common shares) 1,450,000 1.750,000 40,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Apr. 14 3 Sept. Issued 26,000 shares of common stock for $ 119,000. Sold 5,600 shares of treasury stock-common for $32,000. Issued 4,700 shares of common stock for a patent valued at $ 34,300, Purchased 1,000 shares of common stock for the treasury at a cost of $ 5,900. Determined that net income for the year was $435,000. Nov. 10 Dec 31 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 Joumal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Debit Credit Balance Jan 1 Balance MA2000 442,000 Common Stock Date Explanation Ref. Debit Credit Balance Balance Feb. 1 35 26,000 Sept. 3 35 4700 30,700 Paid-in Capital in Excess of Par-Preferred Stock Explanation Ref. Debit Date Credit Balance Balance Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance Balance 15 1 35 Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance 35 Retained Earnings Date Explanation Ref. Debit Credit Balance Balance 05 Treasury Stock Date Explanation Ref. Debit Credit Balance Balance J5 J5