Novak Island Corporation began operations on April 1 by issuing 52,000 shares of $5 par value common stock for cash at $16 per share. In addition, Novak Island issued 2,100 shares of $1 par value preferred stock for $6 per share. Journalize the issuance of the common and preferred shares. (Credit occount titles are automatically indented when the amount is entereo Do not indent manually. List all debit entries before credit entries, If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Novak Island Corporation began operations on April 1 by issuing 52,000 shares of $5 par value common stock for cash at $16 per share. In addition, Novak Island issued 2,100 shares of $1 par value preferred stock for $6 per share. Journalize the issuance of the common and preferred shares. (Credit occount titles are automatically indented when the amount is entereo Do not indent manually. List all debit entries before credit entries, If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)