Cornerstone Exercise 10-25 (Algorithmic) Recording the sale of Common and Preferred Stock Estefan Corp. is authorized by its charter from the state of Wisconsin to issue 750 shares of preferred stock with a 7% dividend rate and a par value of $50 per share and 22,000 shares of common stock with a par value of $0.01 per share. On January 1, 2019, Estefan Corp. issues 250 shares of preferred stock at $55 per share and 11,100 shares of common stock at $13 per share. Required: Prepare the journal entry to record the issuance of the stock 2019 Jan. 1 Cash 158,050 Preferred Stock 111 X Additional Paid-In Capital - Preferred Stock Common Stock 13.750 X Additional Paid-In Capital - Common Stock (Record sale of preferred and common stock)