Whispering Winds Corporation is authorized to issue 22,500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances Preferred Stock (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (68,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $525,000 73,500 342,500 700,000 310,000 During 2020, the following transactions occurred Feb. 1 Issued 2,000 shares of preferred stock for land having a fair value of $125,000 Mar. 1 r Issued 1,300 shares of preferred stock for cash at $70 per share Jl Issued 16,000 shares of common stock for cash at $7 per share Sept.Issued 400 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable cIssued 8,000 shares of common stock for cash at $7.50 per share c.31 Net income for the year was $260,000. No dividends were declared Your answer is partially correct. Try again 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 Acceunt Titles and Esplanation Feb. 1 Preferred Stock Paid-in Capital in Excess of Stock Mar. 1 Preferred Stock Capital in Excess of Par-Preferred Stock Preferred Stock Paid-in Capital in Excess of Stock Mar. 1 Cash Preferred Stock 91 Capital in Excess of Par-Preferred Stock uly 1 Common Stock Paid-in Capital in Excess of Par-Common Stock Sept. 1 Patents Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Dec. 1 Common Stock Paid-in Capital in Excess of Par-Common Stock Dec. 31 Income Summary 318000 Retained Earnings 31 SHOW LEST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Attempts: 3 of 3 used 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 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 Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par Common Stock Retained Earnings