Blue Spruce Corp. began operations on April 1 by issuing 53,300 shares of $4 par value common stock for cash at $14 per share. In addition, Blue issued 3,400 shares of $1 par value preferred stock for $6 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 April 1 Common Stock Paid-in Capital in Excess of Par Value-Common Stock (To record issuance of common shares) Cash Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock (To record issuance of preferred shares)