New Mexico Corporation has two classes of stock: common, $$5$ par value; and preferred, $$5$ par value.

Requirements

Journalize New Mexico's issuance of $1,000$ shares of common stock for $$15$ per share.

Journalize New Mexico's issuance of $1,000$ shares of preferred stock for a total of $$5,000.$

Requirement $1.$ Journalize New Mexico's issuance of $1,000$ shares of common stock for $$15$ per share. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Requirement $2.$ Journalize New Mexico's issuance of $1,000$ shares of preferred stock for a total of $$5,000.($Record debits first, then credits. Select the explanation on the last line of the journal

entry table.$)$