View Policies Current Attempt in Progress Sarasota Corporation is authorized to issue 25.000 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (12,000 shares) $600,000 Paid-in Capital in Excess of Par-Preferred Stock 65,000 Common Stock (60,000 shares) 300,000 Paid-in Capital in Excess of Par-Common Stock 700,000 Retained Earnings 320,000 During 2020, the following transactions occurred. Feb. 1 Mar 1 July 1 Sept. 1 Issued 2.200 shares of preferred stock for land having a fair value of $128,000. Issued 1.000 shares of preferred stock for cash at $65 per share. Dec. 1 Dec. 31 Issued 15,000 shares of common stock for cash at $7 per share. Issued 500 shares of preferred stock for a patent. The asking price of the patent was $32.000. Market price for the preferred stock was $69 and the fair value for the patent was indeterminable. Issued 8.500 shares of common stock for cash at $7.50 per share. Net income for the year was $264,000. No dividends were declared