The stockholders' equity accounts of Swifty Corporation on January 1, 2020, were as follows. Preferred Stock (8%, s52 par, 10,500 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) 416,000 1,400,000 105,000 1,500,000 1,800,000 55,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 25,000 shares of common stock for $115,000 Apr. 14 Sold 5,900 shares of treasury stock-common for $32,300 Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,900 Now.10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,200. Dec. 31 Determined that net income for the year was $415,000. 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 the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use 15 for the posting reference.) (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Debit Credit Belance Common Stock Date Explanation Ref. Debit Paid-in Capital in Excess of Date Explanation Ref. Debit Paid-in Capital in Excess of Stated Date Explanation Ref. Debit Credit 15 Paid-in Capital from Treasury Stock Date Explanation Ref. Debit 15 Date Explanation Ref. Debit Belance 15 Treasury Stock Date Explanation Ref. Debit Belance 15 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.) SW IFTY CORPORATION Balance Sheet (Partial)