QUESTION 1 Not complete Marked out of 1.00 Flag question Analyzing and Identifying Financial Statement Effects of Stock Issuances On September 1, Magliolo, Inc., (a) issues 18,000 shares of $10 par value preferred stock at $48 cash per share and (b) issues 120,000 shares of $2 par value common stock at $37 cash per share Required a. Using the financial statement effects template, illustrate the effects of these two issuances. Income Statement Balance Sheet Noncash Assets Contrib. Earned Transaction Cash Asset+ Liabilities + Revenues ExpensesNet Income Capital Capital 180,000 + $ 240,000 + b. Prepare the journal entries for the two issuances. General Journal Debit Credit Description Preferred Stock To record issuance of preferred stock Common stock To record issuance of common stock c. Post the journal entries from b to the related T-accounts. Cash (A) Common Stock (SE) Preferred Stock (SE) Additional Paid-in Capital (SE)