New Mexico Corporation has two classes of stock: common, $2 par value; and preferred, $10 par value. Requirements 1. Journalize New Mexico's issuance of 5,500 shares of common stock for $6 per share. 2. Journalize New Mexico's issuance of 5,500 shares of preferred stock for a total of $55,000. Requirement 1. Journalize New Mexico's issuance of 5,500 shares of common stock for $6 per share. (Record de Date Accounts and Explanations Cash Common Stock-$2 Par Value Paid-In Capital in Excess of Par-Common Debit Credit 33,000 11,000 22,000 Issued common stock at a premium. Requirement 2. Journalize New Mexico's issuance of 5,500 shares of preferred stock for a total of $55,000. (Record Date Accounts and Explanation Debit Credit