Issuing Stock Willow Creek Nursery, with an authorization of 18,000 shares of preferred stock and 400,000 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 404,700 Land 124,000 Buildings 250,400 Preferred 2% Stock, $100 par 360,000 Paid-In Capital in Excess of Par-Preferred Stock 14,400 Common Stock, $40 par 284,000 Paid-In Capital in Excess of Par-Common Stock 120,700 779,100 779,100 779,100 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. For a compound transaction, if an amount box does not require an entry, leave it blank. (2)