Recording the sale of Common and Preferred Stock Donahue Corporation is authorized by its charter from the state of Illinois to issue 750 shares of preferred stock with a 7% dividend rate and a par value of $50 per share and 22,000 shares of common stock with a par value of $0.01 per share. On January 1, 2019, Donahue Corporation issues 250 shares of preferred stock at $55 per share and 12,700 shares of common stock at $13 per share. Required: Prepare the journal entry to record the issuance of the stock. 2019 Jan. 1 Cash Preferred Stock Additional Paid-In Capital - Preferred Stock 11111 Common Stock Additional Paid-In Capital - Common Stock (Record sale of preferred and common stock)