Continuing Problem P13-47 Date Accounts and Explanation Credit Cash Common Stock -$2 Par Value (S2 per share x 8,000 shares) Paid-In Capital in Excess of Par-Common ($24,000 $16,000) Issued common stock for cash Cash ($55 per share 2,500 shares) Preferred Stock-$50 Par Value ($50 per share 2,500 shares) Paid-In Capital in Excess of Par-Preferred (S137,500 $125,000) Issued preferred stock for cash