Illinois Corporation has two classes of stock: common, $4 par value; and preferred, $5 par value. Requirements 1. Journalize Illinois's issuance of 4,500 shares of common stock for $14 per share. 2. Journalize Illinois's issuance of 4,500 shares of preferred stock for a total of $22,500. Requirement 1. Journalize Illinois's issuance of 4,500 shares of common stock for $14 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Common Stock\$4 Par Value Paid-In Capital in Excess of Par-Common Paid-In Capital in Excess of Par-Preferred Preferred StockNo Par Value Retained Earnings