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 $12 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 $12 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) st line of the journal entry table.) Date Accounts and Explanations Debit Credit