--- B IR comunity College help System Announcements Mousta CALCULATOR PRINTER VERSION BACK NEXT Problem 13-06A a-b (Part Level Submission) (Video) Concord Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,107,000 shares of no-par common stock. The corporation assigned a $2.70 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. creen Shot -10...7.46 PM Preferred Stock Pald-in Capital in Excess of Par-Preferred Stock Common Stock Pald-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,200 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated Other Comprehensive Income $100,000 40,500 1,107,000 1,353,000 14,400 1,800 82,500 63,000 The preferred stock was issued for land having a fair value of $140,500. All common stock issued was for cash. In November, 1,800 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 600 shares of treasury stock were sold for $15 per share. No dividends were declared in 2020. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (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. No. Account Titles and Explanation Debit Credit 2009