Mercury Corporation issued 3,500 shares of no-par common stock for $15 per share. Mercury also issued 2,400 shares of $50 par, 6 percent noncumulative preferred stock at $60 per share. Required a. Record these events in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event. Income Statement Assets Revenue - Expense = Net Income Cash Flow Event Cash = Balance Sheet Stockholders' Equity Preferred Common Stock Stock 52,500 + 120,000+ PIC in Excess 1 - Issue of CS [ 52,500 FA 52,500 = = 52,500 FA 2 - Issue of PS b. Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet