Issuing Stock Willow Creek Nursery, with an authorization of 15,000 shares of preferred stock and 210,000 shares of common stock, completed several transactions involving its stock on June 1, the first day of operations. The trial balance at the close of the day follows: Cash Land Buildings Preferred 2% Stock, $100 par Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $40 par Paid-In Capital in Excess of Par-Common Stock 504,600 79,000 160,200 230,000 9,200 348,000 156,600 743,800 743,800 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. For a compound transaction, if an amount box does not require an entry, leave it blank. (1) For a compound transaction, if an amount box does not require an entry, leave it blank. (2)