Required: Prepare journal entries to record these transactions. Part A In late 2017, the Nicklaus Corporation shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumula ticipating preferred stock. On January 2, 2018, 3,000,000 shares of the common stock are issued in ex cash at an average price of $10 per share. Also on January 2, all 1,000,000 shares of preferred stock are i S20 per share Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2018. (Assume net was formed. The corporate charter authorizes the issuance of 5,000,000 tive, nonpar- ssued at income for the first quarter 2018 was $1,000,000.)