Stock Entries Using T Accounts; Stockholders' Equity Gormanus Corporation was organized in 2014. It was authorized to issue 400,000 shares of no-par common stock with a stated value of $5 per share, and 80,000 shares of S100 par value, 6 percent noncumulative preferred stock. On March 1, the company issued 120,000 shares of its common stock for $15 per share and 16,000 shares of its preferred stock for $100 per share. Record the issuance of the stock using T accounts