Problem 11-06A a-b (Part Level Submission) whispering Winds Corp. has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,120,000 shares of no-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. $125,000 19,000 1,120,000 1,660,000 Preferred Stock Paid-in Capital in Excess of Par- Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (367 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated Other Comprehensive Income 4,404 549 80.500 53,000 The preferred stock was issued for land having a fair value of $144,000. All common stack issued was for cash. In November, 550 shares of common stack were purchased for the treasury at a per share cost of $12. In December, 183 shares of treasury stock were sold for $15 per share. No dividends were declared in 2020. Your answer is correct. Prepare the journal entries for the following: (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. (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. Debit Credit No. Account Titles and Explanation 1. Land 144000 Preferred Stock 125000 Paid-in Capital in Excess of Parp 19000 2. Cash 2780000 Common Stock 1120000 Paid-in Capital in Excess of State 1660000 3. Treasury Stock 6600 Cash 6600 4. Cash 2745 Treasury Stock 2196 Paid-in Capital from Treasury stol Prepare the stockholders' equity section at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) Whispering Winds Corp. Balance Sheet (Partial) December 31, 2020 Common Stock Preferred Stock J1120000 125000 1245000 7. : Additional Paid-in Capital Paid-in Capital in Excess of Par-PI 1660000 | 19000 549 Paid-in Capital from Treasury Sto Total Additional Paid-in Capital 1679549 2924549 Retained Earnings 80500 Total Paid-in Capital and Retained Earnings 3005049 53000 Accumulated Other Comprehensive Less Treasury Stock Total Stockholders' Equity