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Issuing Stock Willow Creek Nursery, with an authorization of 16,000 shares of preferred stock and 160,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Cash 487,200 Land 113,000 Buildings 230,200 Preferred 2% Stock, $100 par 330,000 Paid-in Capital in Excess of Par-Preferred Stock 13,200 Common Stock, $40 par 336,000 Paid-In Capital in Excess of Par-Common Stock 151,200 830,400 830,400 All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank. (1) Cash 487,200 Common Stock GIO 4,000 X Paid-In Capital in Excess of Par-Common Stock Feedback Cho My Work What did the At what yalue does preferred and common stock have to be recorded? SOLUTIONS 4,000 Pald-In Capital in Excess of Par-Common Stock Feedback Check My Work What did the company receive? At what value does preferred and common stock have to be recorded? If an amount box does not require an entry, leave it blank. (2) Buildings 230,200 Land 113,000 Preferred Stock 660,000 X Paid-In Capital in Excess of Par-Preferred Stock Feedback Check My Work What is the company acquiring? How did the company pay for the purchase of these assets? At what value does preferred and common stock have to be recorded? Feedback Click My Work Partially correct