Illinois Corporation has two classes of stock: common, $2 par value; and preferred, $15 par value. Requirements 1. Journalize Illinois's issuance of 2,000 shares of common stock for $5 per share. 2. Journalize Illinois's issuance of 2,000 shares of preferred stock for a total of $30,000. Requirement 1. Journalize Illinois's issuance of 2,000 shares of common stock for $5 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanations Debit Credit