Instructions Willow Creek Nursery, with an authorization of 73,000 shares of preferred stock and 180,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: 1 Cash Land Buildings Willow Creek Nursery UNADJUSTED TRIAL BALANCE October 1, 20 ACCOUNT TITLE Preferred 1% Stock, $80 par DEBIT CREDIT 3,978,000.00 862,000.00 1,922,000 00 2,560,000.00 224,000.00 Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $30 par Paid-In Capital in Excess of Par-Common Stock 3,510,000.00 468,000.00 Totals 6,761,000.00 6762,000.00 Previous Next Instructions Chart of Accounts Journal Instructions Journal 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST, REF DENT CREDIT ASSETS LIABILITIES EQUITY eBook Issuing stock Print Item Instructions Chart of Accounts Journal Instructions ACCOUNT TITLE 1 Cash 2 Land DEBIT CREDIT 3,978,000.00 862,000.00 1 Buildings Preferred 1% Stock, $80 par 5 Paid-In Capital in Excess of Par-Preferred Stock 1,922,000.00 2,560,000.00 224,000.00 6 Common Stock, $30 par 3,510,000.00 7 Paid-In Capital in Excess of Par-Common Stock 468,000.00 Totals 6,762,000.00 6,762,000.00 All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Journalize the two entries to record the transactions summarized in the trial balance. Refer to the Chart of Accounts for exact wording of account titles