Pina Colada Corp. began operations on April $1$ by issuing $52,700$ shares of $$5$ par value common stock for cash at $$19$ per share. On

April $19,$ it issued $1,800$ shares of common stock to attorneys in settlement of their bill of $$28,600$ for organization costs. In addition,

Pina Colada issued $1,400$ shares of $$2$ par value preferred stock for $$6$ cash per share.

Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. $($Record journal entries in the

order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is

required, select $"$No Entry" for the account titles and enter O for the amounts.$)$

Account Titles and Explanation

Date

Debit

Credit

V

V

$($To record issuance of common stock for attorney's

fees$)$

V

$($To record issuance of Preferred stock for cash$)$Pina Colada Corp. began operations on April $1$ by issuing $52,700$ shares of $$5$ par value common stock for cash at $$19$ per share. On

April $19,$ it issued $1,800$ shares of common stock to attorneys in settlement of their bill of $$28,600$ for organization costs. In addition,

Pina Colada issued $1,400$ shares of $$2$ par value preferred stock for $$6$ cash per share.

Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. $($Record journal entries in the

order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is

required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit

$($To record issuance of common stock for attorney's

fees$)$

$($To record issuance of Preferred stock for cash$)$