Sunland Corporation 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 $26,800$ shares for cash at $$51$ per share.

July $1$ Issued $40,200$ shares for cash at $$56$ per share.

$($a$)$

Prepare a tabular summary to record the transactions. Include margin explanations for the changes in revenues and expenses. $($If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign $($or parentheses$)$ in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.$)$

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