M8-23. Identifying Financial Statement Effects of Stock Issuance and Repurchase On January 1, Arcola Company issues 7,000 shares of $100 par value preferred stock at $300 cash per share. On March 1, the company repurchases 7,000 shares of previously issued $1 par value common stock at $156 cash per share. Use the financial statement effects template to record these two transactions. M8-23. Identifying Financial Statement Effects of Stock Issuance and Repurchase On January 1, Arcola Company issues 7,000 shares of $100 par value preferred stock at $300 cash per share. On March 1, the company repurchases 7,000 shares of previously issued $1 par value common stock at $156 cash per share. Use the financial statement effects template to record these two transactions