Issuing Stock Willow Creek Nursery, with an authorization of 26,000 shares of preferred stock and 290,000 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 395,300 Land 97,000 Buildings 197,000 Preferred 2% Stock, $100 par 280,000 Paid-In Capital in Excess of Par-Preferred Stock 14,000 Common Stock, $40 par 268,000 Paid-In Capital in Excess of Par-Common Stock 127,300 689,300 689,300 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 395,000 Common Stock 268,000 Paid-In Capital in Excess of Par-Common Stock 127,000 X If an amount box does not require an entry, leave it blank. (2) Buildings 197,000 Land 97,000 Preferred Stock 2,800,000 X Paid-In Capital in Excess of Par-Preferred Stock -127,300 x