Willow Creek Nursery, with an authorization of 25,000 shares of preferred stock and 180,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Cash Land Buildings Preferred 2% Stock, $100 par Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $40 par Paid-In Capital in Excess of Par-Common Stock 462,000 100,000 204,500 290,000 14,500 336,000 126,000 766,500 766,500 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. 88