Part 1 - Ch8 - Equity ABC Company has 333,000 shares of $2 par common stock authorized and 123,000 shares of $30 par, 5%, cumulative preferred stock authorized. 1. On January 1, 2018, ABC sells 50,000 shares of the common stock at $7 per share. What entry will ABC make to record this stock issuance? 2. On April 9, 2019, ABC sells 4,000 shares of the preferred stock at $40 per share. What entry will ABC make to record this stock issuance