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Question 5 of 6 - / 1.75 E View Policies Current Attempt in Progress Swifty Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, noncumulative preferred stock and 1,078,000 shares of no-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31, 2022, the ledger contained the following post-closing balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (960 common shares) Paid-in Capital from Treasury Stock Retained Earnings $110,000 33,500 1,078,000 1,443,750 12,480 1,440 82,500 All preferred stock was issued for land having a fair value of $143,500. 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. Prepare the journal entries for the following: (Credit account titles are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) (2) (3) (4) Issuance of preferred stock for land. Issuance of common stock for cash. Purchase of common treasury stock for cash. Sale of treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. 1. 2. 3. 4

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