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Concord Corporation has been authorized to issue 20,000 shares of $ 100 par value, 10%, preferred stock and 997,100 shares of no- par common stock. The corporation assigned a $ 2.60 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $ 110,000 Paid-in Capital in Excess of Par-Preferred Stock 31,500 Common Stock 997.100 Paid-in Capital in Excess of Stated Value-Common Stock 1,687,400 Treasury Stock ( 960 common shares) 12,480 Paid-in Capital from Treasury Stock 1,440 Retained Earnings 83,500 The preferred stock was issued for land having a fair value of $ 141,500. All common stock issued was for cash. In November, 1.440 shares of common stock were purchased for the treasury at a per share cost of $ 13. In December, 480 shares of treasury stock were sold for $ 16 per share. No dividends were declared in 2022. (a) Your answer is partially correct. Prepare the journal entries for the: (List all debit entries before credit entries. 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 1. Land Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock 31500 2. 2684500 Common Stock 997100 Paid-in Capital in Excess of Stated Value-Common Stock 1687400 3. Treasury Stock 18720 18720 4. Cash 7680 Treasury Stock 6240 Paid-in Capital from Treasury Stock 1440 e Textbook and Media List of Accounts Save for Later Attempts: 2 of 5 used Submit Answer (b) Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) CONCORD CORPORATION Balance Sheet (Partial) $ $ $

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