Question 1 Not complete Marked out of 10.00 Flag question Jan. 15 Analyzing and Identifying Financial Statement Effects of Stock Transactions McNichols Corp. reports the following transactions relating to its stock accounts. Issued 15,000 shares of $5 par value common stock at $17 cash per share. Jan. 20 Issued 3,000 shares of $50 par value, 8% preferred stock at $78 cash per share. Mar. 31 Purchased 3,500 shares of its own common stock at $20 cash per share. June 25 Sold 2,250 shares of the treasury stock at $26 cash per share. Sold the remaining 1,250 shares of treasury stock at $19 cash per share. July 15 b. Prepare the journal entries for these transactions. General Journal Description Date Debit Credit 1/15 Common Stock A 1/20 Preferred stock 3/31 6/25 Additional paid-in capital 7/15 Cash