Transcribed image text : $120,000 Question 35 2 pts Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. Indicate the account that should be recorded in the Description column of the Journal item (1) as the debit account for the $300,000 assuming that Sunshine Corp. received cash for the issuance of 10,000 shares of common stock at $30. I JOURNAL P.Ref DEBIT CREDIT Date Description (2) (2) Common Stock Paid-In Capital in Excess Par - Common Stock Treasury Stock Jan. 1 O Cash (1) $300,000