Problem 11-1A (Part Level Submission) Swifty Corporation was organized on January 1, 2017. It is authorized to issue 19,700 shares of 7%, $52 par value preferred stock and 471,000 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 65,100 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,155 shares of preferred stock for cash at $56 per share. May Issued 120,500 shares of common stock for cash at $6 per share. Sept. Issued 6,100 shares of common stock for cash at $7 per share. Nov. 1 Issued 4,100 shares of preferred stock for cash at $54 per share. Jan. 10Cash 260400 65100 Common Stock Paid-in Capital in Excess of Par Value-Common Stock Mar. 1 Cash 64680 Preferred Stock 3465 Paid-in Capital in Excess of Par Value-Preferred St May 1 Cash 723000 120500 Common Stock Paid-in Capital in Excess of Stated Value-Common St Sept. 1 Cash 42700 6100 Common Stock Paid-in Capital in Excess of Par Value-Common Stock Nov. 1Cash 221400 Preferred Stock Paid-in Capital in Excess of Par Value-Common Stock