Regency Inc. issued 800 shares of $20 par value, 8%, cumulative preferred stock for $48,000 on June 30, 2020. Prepare Regencys journal entry on June 30, 2020.

Regency Inc. issued 800 shares of $20 par value, 8%, cumulative preferred stock for $48,000 on June 30, 2020. Prepare Regency's journal entry on June 30, 2020. Date Account Name Dr. Cr. June 30, 2020 Cash 0 0 Preferred Stock 0 0 Common Stock 0 0