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Illinois Corporation has two classes of stock: common, $4 par value; and preferred, $25 par value. Requirements 1. Journalize Illinois's issuance of 5,500 shares of

image text in transcribed Illinois Corporation has two classes of stock: common, $4 par value; and preferred, $25 par value. Requirements 1. Journalize Illinois's issuance of 5,500 shares of common stock for $6 per share. 2. Journalize lllinois's issuance of 5,500 shares of preferred stock for a total of $137,500

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