Ol Town Corp has two classes of shares. common and preferred. Journalize the corporation's August 22 issuance of 1.2,000 common shares for $85.00 per share. 2.2.000 preferred shares for a total of 35,000 1. Record the journal entry to issue the 2,000 common shares for 585.00 per share (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Debit Credit Date Aug 22