The ABC Company issued 2,000 shares of 5% $100 par preferred stock at $120 per share and 100,000 shares of its $1 par value common stock at $3 per share. Prepare the journal entries for the issuance of these shares of stock.

The ABC Company issued 2,000 shares of 5%$100 par preferred stock at $120 per share and 100,000 shares of its $1 par value common stock at $3 per share. Prepare the journal entries for the issuance of these shares of stock