Common and Preferred. Stock Transactions Sweater Vests inc. started business on Hanuary 1,1. Its charter allows managernent to sell 4,000,000 shares of 51.50 par value common stock and 500,000 shares of $150 par value preferred stock. 1. On January 5 , 1, Sweater Wests inc. sold 300,000 thares of common sook for 53,50 per share. Presare the journal entry. 2. What if the stock was sold for land, not cash, worth $450,000 ? 3. After the stock is issued, how many commen shares are authorized? Issued? Outstanding? 4. On February 20,x1, vests inc. sells 200,000 shares of peeferred stock for $250 per share. Prepare the journal eotry