Concord Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 22,500 shares for cash at $58 per share. July 1 Issued 11,500 shares for cash at $62 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) ate Account Titles and Explanation Debit Credit Feb. 1 Income Summary 1.305,000 1.125,000 Share Capital Preference 180.000 Share Premium-Preference 713.000 July 1 Income Summary 575.000 Share Capital-Preference 138.000 Share Capital Preference Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part) Debit Credit Balance Preferred Stock Date Explanation Ref. Feb. 1 July 1 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Feb. 1 July 1