ORION Problem 11-1A (Part Level Submission) Novak Corp. was organized on January 1, 2017. It is to issue 24,000 shares of 5%, s53 par value preferred stock and 460,000 shares of no-par common stock with a stated value of s1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 70,000 shares of common stock for cash at $4 per share. 200 shares of preferred stock for cash at $s4 per share. May 1 issued 115,000 shares of common stock for cash at $6 per share. ssued 5,000 shares of common stock for cash at $7 per share. Nov 1 Issued 3,000 shares of preferred stock for cash at ssa per share. v (a) Your answer is correct. Journalize the transactions (Record Joumal entries in the order presented in the problem, credit account titles are autonatically indented when amount is entened. Do not indent ally. If no entry is required, select "No Entry" for the account titles and enter o for the amounts Account and Explanation common 210,000 Capital in Exc Cash Preferred Stock 656 PM A RED A 4 g