The Clothing Cove has two classes of stock authorized: $7\%,$$$10$ par preferred, and $$1$ par value common. The following transactions affect stockholders' equity during $2024,$ its first year of operations:

January $2$ Issues $100,000$ shares of common stock for $$18$ per share.

February $6$ Issues $1,300$ shares of $7\%$ preferred stock for $$13$ per share.

Required:

Record each of these transactions. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$(1)2$

Record the issuance of $1,300$ shares of $7\%$ preferred stock for $$13$ per share.