On June 1st, Barred Rock, Inc. issues 2,000 shares of its $40 par value preferred stock for $50 per share. In the journal entry to record the issuance, the appropriate debit would be to Common stock for $80,000 + and the appropriate credit(s) would be to Retained earnings for $80,000 and to common stock for $80,000 Leaves, Inc. has 150,000 common shares authorized and 100,000 shares issued and outstanding. Leaves, Inc. has no treasury stock. True False