Problem 11-1A (Part Level Submission) Flounder Corp. was organized on January 1, 2017. It is authorized to issue 21,500 shares of 5%, $52 par value preferred stock and 455,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 67,500 shares of common stock for cash at $5 per share. Mar. 1 Issued 1,150 shares of preferred stock for cash at $56 per share. May Issued 112,500 shares of common stock for cash at $5 per share Sept. Issued 4,500 shares of common stock for cash at $5 per share Nov. 1 Issued 2,500 shares of preferred stock for cash at $58 per share. Your answer is correct