Issuing Par Stock On January 29, Quality Marble Inc., a marble contractor, issued 75,000 shares of $10 par Common stock for cash at $23 per share, and on May 31, it issued 100,000 shares of $4 par Preferred stock for cash at $6 per share. a. Illustrate the effects on the accounts and financial statements of the January 29 transaction. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Cash Flows Assets Liabilities Stockholders' Equity Cash No effect + + Common stock + Paid-in capital in excess of par-common stock Jan. 29. Statement of Cash Flows Income Statement Financing No effect Illustrate the effects on the accounts and financial statements of the May 31 transaction. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Cash Flows Assets Liabilities + Stockholders' Equity Cash No effect + Preferred stock + Paid-in capital in excess of par-preferred stock May 31 Statement of Cash Flows Income Statement Financing No effect