5. (5 points) Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. Retro issues 5,000 shares of preferred stock for land with an asking price of $625,000 and a market value of $550,000. Prepare the journal entry for the issuance. 6. (12 points) A corporation is authorized by its corporate charter to issue 50,000 shares of pref med stock with a 7% dividend rate and a par value of $10 per share, and 750,000 shares of common stock with a par value of $2 per share. On January 15, 2014, 2,000 shares of preferred stock was issued for $17 per share along with 5,000 shares of common stock for $2.50 per shar A) Record the journal entry for the stock issuances described above. B) How much total cash was raised through stock issuances