Sloman Corporation has 100,000 shares of $50 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock. (a) Issued 20,000 shares at $55 per share. (b) Issued 10,000 shares for equipment having a $800,000 asking price. The stock had a market value of $75 per share Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Cash (b) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Equipment Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock