Part I What is par value? Is it related to a stock's market value? Please record the following journal entries: (1) Belson Corporation sold 1,000 shares of $10 par value common stock for $17 per share. (2) Belson sold 1,000 shares of $25 par value preferred stock for $30 per share. Part II (1) What are retained earnings and does the retained earnings account have a debit or credit balance? (2) Compute the retained earnings balance at the end of the year for Parks Corporation (and please show your work), based on the following data: Retained Earnings, Jan. 1 $ 50,000 Net Income $ 100,000 Dividends Declared $ 30,000