A corporation is authorized by its corporate charter to issue 50,000 shares of preferred 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 $1 per share. On January 15, 2014, 2,000 shares of preferred stock were issued for $14 per share along with 10,000 shares of common stock for $2.50 per share.

Required: Record the journal entry to record the preferred stock and common stock issuances described above.

**Please add D after the account name you are debiting and a C after the account name you are crediting in a hyphenated fashion. Make sure you provide the dollar amount after the appropriate account. You can type each transaction on one line. For example, journalize the entry for the purchase of land for $10,000 cash on February 10th. Example solution: February 10 Land-D 10,000 Cash-C 10,000