October $1,$ the first day of operations. The trial balance at the close of the day follows:

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Journalize the entries to record the $(1)$ common and $(2)$ preferred stock transactions summarized in the trial balance.

If an amount box does not require an entry, leave it blank.

$(1)$

Common Stock

Paid$-$In Capital in Excess of Par$-$Common Stock

If an amount box does not require an entry, leave it blank.