Penland Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. Durling the first vear of operations, the compary had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 40,000 shares for cash at $51 per share tily 1 Issued 60,000 shares for cash at $56 pershare. Post to the stockholders' equity accounts. (Post entries in the order of joumal entries posted in the previous part.)