E11.6 (LO 2, 4), AP Penland 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 July 1 Issued 40,000 shares for cash at $51 per share. Issued 60,000 shares for cash at $56 per share. tructions a. Journalize the transactions. b. Post to the stockholders' equity accounts. (Use T-accounts.) c. Discuss the statement presentation of the accounts. s about RI