Kimmel, Accounting, 6e ACCOUNTING- Financial & Managerial (BUS 186 BUS 18 ORION gnment Problen 11-1A (Part Level submission) Open calculator Novak Corp. was organized on January 1, 2017. It is authorized to issue 24,000 shares of 5%, ss3 par value preferred stock and 460,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 70,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,200 shares of preferred stock for cash at $54 per share May 1 Issued 115,000 shares of common stock for cash at $6 per share. Sept. 1 Issued 5,000 shares of common stock for cash at s7 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $58 per share. Your answer is correct. Journalize the transactions. (Record journal entries in the order presented in the problem. credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Jan TCash 280,000 Common Stock 70,000 ugervshared assignment/flash/calculator/calculator html 9