In 2010. Smith Corporation issued 10,000 shares of its $100 par value 8% preferred stock at a price of $103 per share. They also issued 40,000 shares of its $3 par value common stock at a price of $10 per share. This year, Smith had net income of $250,000. They paid the preferred stockholders the appropriate dividend and the common stockholders a $1 per share dividend. Required: Prepare the journal entries to record the issuance of the common and preferred stock and prepare the stockholder's equity section of the Balance Sheet for Smith Corporation