2. 4 points The Delta Sunrise Corporation is incorporated under the laws of Mississippi. The certificate of incorporation shows that the company is authorized to issue 75,000 shares of 10%, $40 par preferred stock and 125,000 shares of $10 par common stock. Following is a narrative of selected transactions completed during the first month after incorporation. Prepare the appropriate journal entries. Aug. 1 At the first meeting of the incorporators, subscriptions for 30,000 shares of common stock at $12 per share were accepted. 4 Received a payment of $150,000 on the common stock subscription. 12 Issued 6,000 shares of preferred stock in exchange for $100,000 cash and land with a fair market value of $160,000. 26 Received the balance in full for the common stock subscription and issued the stock certificates. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit