Practice Problem 1 (Part Level Submission) Flint Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 78,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,300 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $88,000 May 1 Issued 83,000 shares of common stock for cash at $4.75 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Sept. 1 Issued 11,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $111 per share. (b) Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock ed be Common Stock ki . K - - Paid-in Capital in Excess of Par-Preferred Stock + . Paid-in Capital in Excess of Stated Value-Common Stock