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Problem 1 In late 2019, the Pickins Corporation was formed. The articles of incorporation authorize 40,000 shares of common stock carrying a $1 par value, and 10,000 shares of $200 par value preferred stock. On January 1, 2020, 25,000 shares of common stock are issued for $6 share. Also on this date, 1,000 shares of preferred stock are issued at $325 per shares. a. Prepare journal entries to record the above issuance of common stock and preferred stock on January 1, 2020