Cate Corp. was organized on March 1, 20X1, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-parvalue common stock with a stated value of $100 per share and 30,000 shares of $100 par-value, 8 percent preferred stock that is nonparticipating and noncumulative. Selected transactions that took place during March 201 follow. DATE TRANSACTIONS March 1 The corporation received its charter. (Make a memorandum entry.) 1 Issued 550 shares of common stock for cash at $100 per share to Jerri Harris. 3 Issued 300 shares of preferred stock for cash at par value to Gloria Amos. 5 Issued 300 shares of common stock for cash at \$106 to Carolyn Reed. due in 10 and 20 days. installments due in 15 and 30 days. transaction). transaction)