Minnestota Corporation has two classes of stock: common, $4 par value; and preferred, $20 par value. Requirements Journalize Minnesota's issuance of 3,500 shares of common stock for $7 per share. Journalize Minnesota's issuance of 3,500 shares of preferred stock for a total of $70,000. Requirement 1. Journalize Minnesota's issuance of 3,500 shares of common stock for a total of $7 per share. (Record debit) Requirement 2. journalize Minnesota's issuance of 3,500 shares of preferred stock for a total of $70,000. (record)