Flounder island Corporation began operations on April 1 by issuing 51,500 shares of \$5 par value common stock for cash at \$15 per share. In addition, Flounder island issued 1,600 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit eccount titles are autamatically indented when the amount is entered. Do not indent manually, List all debit entries before credit entries. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.)