P$13\mathrm{.}4($LO $1,2,3),$ AP Peck Corporation is authorized to issue $20,000$ shares of $$50$ par value, $10\%$ preferred stock and $125,000$ shares of $$5$ par value common stock. On January $1,2022,$ the ledger contained the following stockholders$$ equity balances. Preferred Stock $(10,000$ shares$)$ $$500,000$ Paid$-$in Capital in Excess of Par$$Preferred Stock $75,000$ Common Stock $(70,000$ shares$)350,000$ Paid$-$in Capital in Excess of Par$$Common Stock $700,000$ Retained Earnings $300,000$ During $2022,$ the following transactions occurred. Feb. $1$ Issued $2,000$ shares of preferred stock for land having a fair value of $$120,000.$ Mar. $1$ Issued $1,000$ shares of preferred stock for cash at $$65$ per share. July $1$ Issued $16,000$ shares of common stock for cash at $$7$ per share. Sept. $1$ Issued $400$ shares of preferred stock for a patent. The asking price of the patent was $$30,000.$ Market price for the preferred stock was $$70$ and the fair value for the patent was indeterminable. Dec. $1$ Issued $8,000$ shares of common stock for cash at $$7\mathrm{.}50$ per share. Dec. $31$ Net income for the year was $$260,000.$ No dividends were declared. Instructions Journalize the transactions and the closing entry for net income. Enter the beginning balances in the accounts, and post the journal entries to the stockholders$$ equity accounts. $($Use T$-$accounts.$)$ Prepare a stockholders$$ equity section at December $31,2022.$ c$.$ Total stockholders$$ equity $$2,570,000$ Prepare stockholders$$ equity section.