PLEASE ANSWER PART B (BELOW) WITH THE INFORMATION PROVIDED (ABOVE)

Problem 13-04A a-c (Part Level Submission) (Video) Novak Corporation is authorized to issue 21,000 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 th e following stockholders' equity balances. Preferred Stock (10,000 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (62,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $500,000 67,500 312,500 710,000 270,000 During 2020, the following transactions occurred Feb. 1 Issued 2,100 shares of preferred stock for land having a fair value of $128,000 Mar. 1 Issued 1,100 shares of preferred stock for cash at $70 per share. July 1 Issued 15,000 shares of common stock for cash at $8 per share. Sept.1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $28,500. Market price for the preferred stock was $67 and the fair value for the patent was indeterminable. Dec. 1 Issued 8,000 shares of common stock for cash at $8.50 per share. Dec. 31 Net income for the year was $262,000. No dividends were declared. ournalize the transactions and the closing entry for net income. (Record journal entries in automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 128000 red Sto 105000 aid-in Capital in Excess of Par-Preferred Sto 23000 77000 red Sto 55000 22000 1200001 0 75000 5000 aid-in Capital in Excess of Par-Preferred Sto aid-in Capital in Excess of Par-Common St 36850 27500 red Sto aid-in Capital in Excess of Par-Preferred Sto 350 68000 aid-in Capital in Excess of Par-Common Sto 28000 262000 31 Income Summa ined Ear 262000 Your answer is partially correct. Try again. Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. presented in the previous part.) Preferred Stock Bal 500000 Bal 187500 Bal 312500 Common Stock Bal 312500 Bal 115000 Bal 197500 Paid-in Capital in Excess of Par-Preferred Stock 67500Ba Ba 54350 Bal 13150 Paid-in Capital in Excess of Par-Common Stock Ba 710000 Bal 3000 Bal 37000 Retained Earnings 2620001 Bal 270000 Bal Bal 8000