Exercise 13-09 a b (Video) Sarasota 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 18,000 shares for cash at $56 per share. July 1 Issued 15,000 shares for cast at $60 per share. Journalize the transactions. (Record fournal entries in the order presented in the problem. Credit account titres are automatically intentand white amount is inter Do not indent manually.) Account Titles and Explanation Data Debit Credit Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Debit Credit Balance Feb. 1- July 1 Paid-in Capital in Excess of Par Preferred Stock Date Explanation Ref. Debit Credit Balance Feb. I July 1