The Dodge Corporation has the following Preferred and Common Stock:

Preferred Stock, $78,000$ shares authorized, $3,000$ outstanding, $8\mathrm{.}5\%,$ Par Value $$75\mathrm{.}00.$

Common Stock, $120,000$ shares authorized, $25,600$ outstanding, Par Value

$$15\mathrm{.}00.$

Using the Dodge Corporation stock information, prepare the following journal.

The company issued $5,000$ shares of Preferred Stock for $$115\mathrm{.}00$ per share.