New Mexico Corporation has two classes of stock: common, $$3$ par value; and preferred, $$20$ par value.

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Journalize New Mexico Corporation's issuance of $5,000$ shares of common stock for $$7$ per share.

Journalize New Mexico Corporation's issuance of $5,000$ shares of preferred stock for a total of $$100,000.$

Requirement $1.$ Journalize New Mexico Corporation's issuance of $5,000$ shares of common stock for $$7$ per

share. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$