Illinois Corporation has two classes of? stock: common, ?$5 par? value; and? preferred, ?$20 par value.

Requirements 1. Journalize Illinois?'s issuance of 3 500 shares of common stock for $ 14 per share.

2. Journalize Illinois?'s issuance of 3 500 shares of preferred stock for a total of $ 70,000. Requirement 1. Journalize Illinois?'s issuance of 3,500 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.)

Date Accounts and Explanations Debit Credit Requirement

2. Journalize Illinois?'s issuance of 3 comma 500 shares of preferred stock for a total of $ 70,000. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.) Date Accounts and Explanation Debit Credit