Assume that Daniels consulting has previously incorporated by issuing 200 shares of $2 par value common shares to Daniels in exchange for the balance in Daniels capital as follows:

Daniels decides to raise additional capital for a planned business expansion by issuing 8000 additional $2 par value common shares for $24000 and by issuing 2500, 4% $50 par preferred shares at $55 per share. Assuming total stockholders equity is $25422 and includes 200 shares of common stock and 0 shares of preferred stock issued and outstanding immediately before the previously described transaction journalize the entry related to the issuances of both common and preferred shares. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Data table Accounts and Explanation D C

Daniels Capital 25422

Common stock-$2 par value 400

Retained Earnings 25022

Issued common stock at premium

Journalize the entry related to the issuance of common shares.