Martinez Corp. began operations on April $1$ by issuing $51,800$ shares of $$3$ par value common stock for cash at $$11$ per share. In addition, Martinez issued $1,900$ shares of $$1$ par value preferred stock for $$5$ per share.

Journalize the issuance of the common and preferred shares. $($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 O for the amounts.$)$

$\backslash$table$[[$Date Account Titles and Explanation$],[$April $1],[],[]]$

Debit

Credit

$($To record issuance of common shares$)$

April $1$

$($To record issuance of preferred shares$)$