Penland Corporation is authorized to issue both preferred and common stock. The par value of the preferred 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 cash at $51 per share. July 1 Issued 60.000 shares for cash at $56 per share. (c) Discuss the statement presentation of the accounts. BT, T I NY E 101 99 T + + OWord(s)