Colorado Corporation has two classes of stock: common, $5 par value; and preferred, $25 par value. Requirements 1. Journalize Colorado's issuance of 5,500 shares of common stock for $10 per share. 2. Journalize Colorado's issuance of 5,500 shares of preferred stock for a total of $137,500. Requirement 1. Journalize Colorado's issuance of 5,500 shares of common stock for $10 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanations Debit Credit