Problem Six A corporation received its charter and began business this year. The company is authorized to issue 500,000 shares of $100 par, 6%, preferred stock, and 1,000,000 shares of $10 par common stock. The following selected transactions occurred during this year: Mar. 5 July 15 Issued 250 shares of preferred stock for $102 cash per share. Sold 1,000 shares of common stock for $12,000 . Instructions: Prepare journal entries to record these transactions