II. Equity transactions. Presented below is information related to Wiley Company: a. The company is granted a charter that authorizes issuance of 15,000 shares of $100 - preferred stock and 40,000 shares of $10 par common stock. par value b. 12,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $400,000. c. 6,000 shares of preferred stock are sold for cash at $120 per share. Instructions Prepare the general journal entries necessary to record these transactions. If no journal entry is required, state NA.