Assume that Draper Consulting has previously incorporated by issuing 140 shares of $1 par value common shares to Draper in exchange for the balance in Draper, capital as follows:

Assume that Draper Consulting has previously incorporated by issuing 140 shares of $1 par value common shares to Draper in exchange for the balance in Draper, capital as follows (Click the icon to view the journal entry.) Draper decides to raise additional capital for a planned business expansion by issuing 12,000 additional $1 par value common shares for $60,000 and by issuing 3,000, 6%, $80 par preferred shares at $130 per share. Assuming total stockholders' equity is $32,640 and includes 140 shares of common stock and 0 shares of preferred stock issued and outstanding immediately before the previously described transactions, 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.) Journalize the entry related to the issuance of common shares Date Accounts and Explanation Debit Credit Data Table Date Accounts and Explanation Debit Credit Draper Capital 32,640 Common Stock-$1 Par Value 140 Retained Earnings 32,500 Issued common stock at a premium Print Done