Common Stock credit of $300,000 and Treasury Stock credit of $50,00 Question 37 2 pts Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. Indicate the account that should be recorded in the Description column of the Journal item (1) as the debit account and the dollar amount in the amount columns assuming that Sunshine Corp on Jan. 15 received cash for the issuance of 2,000 shares of preferred stock at par value. JOURNAL Date Description Jan. 15 (1) (2) (2) P.Ref DEBIT CREDIT (?) O Preferred Stock debit $200,000 Paid-In Capital in Excess Par - Preferred Stock debit for $10,000 O Cash debit for $200,000 O Cash debit for $10,000 (?) (?)