Cornerstone Exercise 10-25 (Algorithmic) Recording the Sale of Common and Preferred Stock Estefan Corp. is authorized by its charter from the state of Wisconsin to issue 750 shares of preferred stock with a 7% dividend rate and a par value of $50 per share and 22,000 shares of common stock with a par value of $0.01 per share. On January 1,2019 , Estefan Corp. issues 250 shares of preferred stock at $55 per share and 12,900 shares of common stock at $13 per share