Sweater Vests inc, started business on lanuary 1,x1. its charter allow management to sell 4,000,000 shares of $1.50 par value common stock and 500,000 shares of 5150 par value preferred stock. 1. On January 5,1, \$weater Vests inc. sold 300,000 shares of common stock for 53.50 per share. Prepare the journal entry. 2. What if the stock was sold for land, not cash, worth $450,000 ? 3. After the stock is issued, how many common shares are authorized? Issued? Outstanding? On February 20,x1, Vests inc, sells 200,000 shares of preferred stock for $250 per share. Prepare the journal entry