Weygandt, Accounting Principles, 13e Principles of Accounting 13 (ACC 171-185-272 STANDARD VIEW PRINTER VERSION BACK NEXT Problem 13-04A a-c (Part Level Submission) (Video) Ayayal Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 per value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (10,500 shares) Pald-in Capital in Excess of Par-Preferred Stock Common Stock (65,000 shares) Pald-in Capital in Excess of Par-Common Stock Retained Earnings $525,000 70,000 325,000 730,000 330,000 During 2020, the following transactions occurred. Feb. 1 Issued 2,100 shares of preferred stock for land having a fair value of $121,000. Mar. 1 Issued 1,100 shares of preferred stock for cash at $70 per share. July 1 Issued 17,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $32,000. Market price for the preferred stock was $68 and the fair value for the patent was indeterminable. Dec. Issued 7,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net Income for the year was $255,000. No dividends were declared. (b) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Principles of Accounting 13 (ACC 172-18 Common Stock Pald-in Capital In Excess of Par-Preferred Stock Pald-in Capital In Excess of Par-Common Stock Retained Earnings