Willow Creek Nursery, with an authorization of $22,000$ shares of preferred stock and $380,000$ shares of common stock, completed several transactions inolving its stock on October $1,$ the first day of operations. The trial balance at the close of the day follows:Cash$424,80080,000$LandBuildingsPreferred $2\%$ Stock, $$100$ parPaid$-$In Capital in Excess of Par$-$Preferred StockCommon Stock, $$40$ parPaid$-$In Capital in Excess of Par$-$Common Stock$|161,500230,00011,500288,000136,800666,300666,300$All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.Journalize the entries to record the $(1)$ common and $(2)$ preferred stock transactions summarized in the trial balance.If an amount box does not require an entry, leave it blank.