Sarasota Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $ 50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.

Feb. 1		Issued 50,800 shares for cash at $ 128 per share.
July 1		Issued 150,600 shares for cash at $ 71 per share.

a. Journalize the transactions.

b. Post to the stockholders equity accounts. (Use T-accounts.)