Ayayai Corp. began operations on April 1 by issuing 51,000 shares of $3 par value common...

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Ayayai Corp. began operations on April 1 by issuing 51,000 shares of $3 par value common stock for cash at $11 per share. In addition, Ayayai issued 1,100 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April 1 Cash Paid-in Capital in Excess of Par Value-Common Stock Common Stock (To record issuance of common shares) April 1 Cash Paid-in Capital in Excess of Par Value-Preferred Stock Preferred Stock Ayayai Corp. began operations on April 1 by issuing 51,000 shares of $3 par value common stock for cash at $11 per share. In addition, Ayayai issued 1,100 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April 1 Cash Paid-in Capital in Excess of Par Value-Common Stock Common Stock (To record issuance of common shares) April 1 Cash Paid-in Capital in Excess of Par Value-Preferred Stock Preferred Stock