Peniand Corporation is authorized to issue both preferred and commonstock. The par value of the preferred stock is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 issued 40,000 shares for cashat $51 per share July. 1 issued 60,000 shares for cahhat 556 pershare PreferredStock Paid-in Capital in Excess of Par-Preferred Stock