Virginia Corporation has two classes of stock: common, $$5$ par value; and preferred, $$15$ par value.

Requirements

Journalize Virginia Corporation's issuance of $3,000$ shares of common stock for $$7$ per share.

Journalize Virginia Corporation's issuance of $3,000$ shares of preferred stock for a total of $$45,000.$

Requirement $1.$ Journalize Virginia Corporation's issuance of $3,000$ shares of common stock for $$7$ per share. $($Record

debits first, then credits. Select the explanation on the last line of the journal entry table.$)$