a$.$ Outline the difference between common stock and preferred stock. What is retained earnings?b$.$ Midland Corporation is authorized to issue $1,000,000$ shares of $$4$ par value common stock. In its first year, the company has the following stock transactions. Journalize the following transactions for March $2023.$Mar $1$ Issued $400,000$ shares of stock at $$9$ per share.Mar $15$ Issued $100,000$ shares of stock for land. The land had an asking price of $$900,000.$ The stock is currently trading at $$8\mathrm{.}25$ per share.Mar $20$ Issued $400,000$ shares of stock at $$4$ per share.Mar $31$ Issued $2,000$ shares of stock to attorneys in payment of a bill for $$16,000$ for services performed in helping the company to incorporate.