On January $1,2022,$ Hoy Company issued $750$ shares of $$75$ par callable preferred shares for $$165,000.$ Hoy can call these preferred shares on January $1,2023,$ for $$220$ per share. On June $1,$

$2023,$ Hoy calls the shares.

Requirements

a$.$ What is the journal entry to record the issuance of the preferred shares?

b$.$ What is the journal entry when Hoy calls the preferred shares?

Requirement a$.$ What is the journal entry to record the issuance of the preferred shares? $($Record debits first, then credits. Exclude explanations from any journal entries.