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Recording Common and Preferred Stock Transactions Gilmore Company has 20,000 authorized shares of common stock, $2 par, and also 20,000 authorized shares of preferred stock, $10 par. Required Record journal entries for the following separate transactions. Analyze and record each transaction separately. a. On January 1, 2020, Gilmore sold 720 shares of common stock and 360 shares of preferred stock for a lump sum of $22,140. The common stock had been selling during the current week at $25 per share, and the preferred at $12 per share. Round amounts to the nearest dollar. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. Jan. 1, 2020 Cash 22,140 0 Common Stock 1,440 0 x Paid-in Capital in Excess of ParCommon Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock 0 3,600 O X