common stock to attorneys in settlement of their bill of $26,600 for organization costs. In addition, Monty issued 1,000 shares of $1 par value preferred stock for $7 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. 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 (To record issuance of common stock for attorney's fees) Debit Credit