The stockholders' equity accounts of Skysong, Inc. on January 1, 2020, were as follows. Preferred Stock (8%. $52 par, cumulative, 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. Apr. Sept. Nov. Dec. 1 14 3 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. 10 31 No dividends were declared during the vean 2.4/3 Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use T- accounts.) (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Jan. 1 Bal. 390000 Dec 31 Bal 390000 Paid-in Capital in Excess of Par Value-Preferred Stock Jan. 1 Bal. 135000 Dec. 31 Bal. 135000 Common Stock Jan. 1 Bal 1400000 Feb. 1 26000 Sep. 3 5000 D2 B