Larkspur, Inc. is authorized to issue both preferred and common stock. The par value of the preferred stock is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 34,900 shares for cash at $51 per share. July 1 Issued 60,300 shares for cash at $56 per share. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock