Issuing Stock Willow Creek Nursery, with an authorization of 23,000 shares of preferred stock and 160,000 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 < 417,600 84,000 170,400 240,000 14,400 288,000 129,600 672,000 672,000 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)