Culver Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operation, the company had the following events and transactions pertaining to its preferred stock reh Issued 21,000 shares for cash at 857 per share July Issued 12.500 shares for cash at 561 per share Journalize the transactions. Record journal entries in the order presented in the problem. Credit account titles are toy indented when amount is entered. Do not indent manually Post to the stockholders equity accounts (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Debit Date Explanation Ref. Credit Balance July 1 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Rob. July