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Franco Corporation was organized on January 1, 2008. It is authorized to issue 1 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par comm with a stated value of $2 per share. The following stock transactions were compl the first year. Jan. 10 Issued 80,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,000 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of t $90,000.The fair market value of the land was $85,000. May 1 Issued 80,000 shares of common stock for cash at $4.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of the $30,000 for services provided in helping the company organize. Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share. Journalize the transactions. (List multiple debit/credit entries in descending ord amount. If amounts are the same, list alphabetically.) Date Description/Account Jan. 10 Mar. 1 Apr.1 May 1 Aug. 1 Sept. 1 Nov. 1 Post to the stockholders' equity accounts. (Use J5 as the posting reference.) zero, please enter 0, do not leave any fields blank.) Prefer red Stock Dat Explanati Ref Debit Credit e on . Mar 1 J5 . Nov 1 J5 . Comm on Stock Dat Explanati Ref Debit Credit e on . 1 Jan. J5 0 Apr. 1 J5 May 1 J5 Aug 1 J5 . Sept 1 J5 . Paid-in Capital in Excess of Par Value Preferr ed Stock Date Explanation Ref. Debit Mar. 1 J5 Nov. 1 J5 Paid-in Capital in Excess of Stated Value Commo n Stock Date Explanation Jan. 10 Apr. 1 May 1 Aug. 1 Sept. 1 Ref. Debit J5 J5 J5 J5 J5 Prepare the paid-in capital section of stockholders' equity at Dec FRANCO CORPORATION Stockholders' equity Paid-in capital 8% Preferred stock, $ par value, shares authorized, shares issued and outstanding Common stock, no par, $ stated value, shares authorized, shares issued and outstanding Total capital stock Total additional paid-in capital Total paid-in capital