Issuing stock Willow Creek Nursery, with an authorization of 26,000 shares of preferred stock and 210,000 shares of common stick, 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 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 480,600 66,000 135,400 190,000 11,400 356,000 124,600 682,000 682,000 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 If an amount box does not require an entry, leave it blank Transaction (1) Cash Common Stock Account Paid-In Capital in Excess of Par Common Stock If an amount box does not require an entry, leave it blank,) Debit. Credit