Albert Corp. issued 2,000 shares of $50 par value preferred stock at $70 per share on 3/1/2018.A warrant is attached to each share of preferred stock to allow the holder to purchase one share of $1 par common stock at $20 per share.Immediate after the issuance, the preferred began selling ex-right on the market for $68 per share while the warrant began selling for $5 per share. On 4/20/2018, 1,000 warrants were exercised.

Required:

Prepare the journal entry to record the issuance of 1,000 shares of common stock on 4/20/2018.