Issuing Stock Willow Creek Nursery, with an authorization of 15,000 shares of preferred stock and 380,000 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: Cash 407,100 Land 100,000 Buildings 201,600 Preferred 2% Stock, $100 par 290,000 Paid-In Capital in Excess of Par-Preferred Stock 11,600 Common Stock, $40 par 276,000 Paid-In Capital in Excess of Par-Common Stock 131,100 708,700 708,700 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 entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank. (1) Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback What did the company receive? At what value does preferred and common stock have to be recorded? If an amount box does not require an entry, leave it blank. (2) Buildings 201,600 Land 100,000 Preferred Stock 407,100 Paid-In Capital in Excess of Par-Preferred Stock