Recording the Issuance of Common and Preferred Shares Delhi Corporation Ltd. is authorized by its charter from the Province of Alberta to issue 2,000 \(7 \%\) preferred shares with a stated value of \(\$ 30\) per share and 125,000 common shares of no par value. On January 1, 2018, Delhi issues 1,300 preferred shares at \(\$ 35\) per share and 84,000 common shares at \(\$ 12.50\) per share

\section*{Required:}

Prepare the journal entry to record the issuance of the shares.

\section*{Cornerstone Exercise