Pronghorn Island Corporation began operations on April $1$ by issuing $52,200$ shares of $$5$ par value common stock for cash at $$15$ per share. In addition, Pronghorn Island issued $2,300$ shares of $$1$ par value preferred stock for $$5$ per share.

Journalize the issuance of the common and preferred shares. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

April $1$

April $1$

$($To record issuance of common shares$)$

April $1$

Debit

Credit

a

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$April $1,,,]]$

$($To record issuance of common shares$)$

$.$

$($To record issuance of preferred shares$)$