Albert Corp. issued 3,000 shares of $50 par value preferred stock at $70 per share on 2/1/2020. A warrant is attached to each share of preferred stock to allow the holder to purchase one share of $1 par common stock at $30 per share. Immediate after the issuance, the preferred began selling ex-right on the market for $69 per share while the warrant began selling for$8 per share. On 3/20/2020, 1,200 warrants were exercised. Required: Prepare the journal entry to record the issuance of 1,200 shares of common stock on 3/20/2020