The Kors Hospital Supply Corporation was organized at the end of last year. The company is authorized to issue the following shares of stock: 100,000 shares of $10 par value common stock . 20,000 shares of $50 par value preferred stock. On March 1, the company issued the following: 40,000 shares of its common stock for $14 per share 15,000 shares of its preferred stock for $50 per share. 1. Prepare the journal entries to record the stock issuance 2. Prepare the Stockholders Equity section of the Balance Sheet after the stock issuance Retained Earnings = $350,000 No Treasury Stock