Ayayai Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 54,500 shares for cash at $53 per share. July 1 Issued 71,500 shares for cash at $58 per share. (a) Your answer is correct Journalize the transactions. (Record journal entries in the order presented in the problem. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 V Cash 2888500 Preferred Stock 2725000 Paid in Capital in Excess of Par Value-Preferred Stock 163500 July 1 v Cash 4147000 Preferred Stock 3575000 Paid-in Capitalin Excess of Par Value Preferred Stock 572000 (b) Post to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock V > > Paid-in Capital in Excess of Par Value-Preferred Stock