ing Corporation began operations in January of the current year. The charter authorized the following stock:

Preferred stock: 10 percent, $13 par value, 40,700 shares authorized

Common stock: $8 par value, 85,200 shares authorized

During the current year, the following transactions occurred in the order given:

1. Issued 22,500 shares of common stock for $12 per share.
2. Sold 7,400 shares of the preferred stock at $23 per share.
3. Sold 1,900 shares of the preferred stock at $23 per share and 2,200 shares of common stock at $13 per share.

Required:

Provide the journal entries required to record each of the transactions in (a) through (c). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1 2 Issued 22,500 shares of common stock for $12 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit . Sold 7,400 shares of the preferred stock for $23 per share. Note: Enter debits before credits. Credit Transaction General Journal Debit b. 2 1 Sold 1,900 shares of the preferred stock for $23 per share and 2,200 shares of common stock for $13 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit