Based on the following information, prepare journal entries for Windgate Corporation. 3. Mar. 7 Issued 10,000 shares of $5 par common stock for $43,000 cash. Issued 6,000 shares of $5 par common stock for $33,000 cash. 16 29 Issued 5,000 shares of $4 par common stock for land with a fair market value of $28,000. Page 1 GENERAL JOURNAL Post Ref. DebitCredit Date Mar. 7 Cash Description Discount on Common Stock Common Stock 16 Cash Common Stock Paid-In Capital in Excess of Par Common Stock 29 Land Common Stock Paid-In Capital in Excess of ParCommon Stock 4. Prepare journal entries for each of the following transactions of Telecommunications, Inc. Apr. Declared a dividend of S1.43 per share on 11,000 shares of preferred stock 15 outstanding May Paid the dividend declared on April 15. 19 Page 1 GENERAL JOURNAL Post Ref Credit Debit Description Date Apr. 15 Cash Dividends Preferred Dividends Payable May 19 Preferred Dividends Payable Cash