1. (10 points) Polar, Inc. issued 1,500 shares of no-par, no stated value common stock, together with 1,000 shares of $50 par value preferred stock for a lump sum price of $175,000. At the date of issuance, the market value of the preferred was $120 per share and the market value of common was $45 per share Make the journal entry to issue of the stock