Talley Corporation is authorized to issue both preferred and common stock. The par value of the preferred is \(\$ 50\). During the first year of operations, the company had the following events and transactions pertaining to its preferred stock:

July 1 Issued 10,000 shares for cash at \(\$ 57\) per share.
\section*{Instructions}

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts. (Use T accounts.)

(c) Discuss the statement presentation of the accounts.

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Feb. 1 Issued 30,000 shares for cash at $53 per share. July 1 Issued 10,000 shares for cash at $57 per share.