Need help with this one. Thx!

Major Leaque has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2018, its first year of operations.

Part 1: January 2, Issue 110,000 shares of common stock for $70 per share.

Required: Record the transactions, show all the supporting calculations. And describe the impact of your journal entries on the stockholders' equity section of the balance sheet.