Lily Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock. (a) Issued 25,000 shares at $60 per share. (b) Issued 11,500 shares for equipment having a $805,000 asking price. The stock had a market value of $75 per share. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b)