Willow Creek Nursery, with an authorization of 25,000 shares of preferred stock and 170,000 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	495,600
Land	69,000
Buildings	141,000
Preferred 2% Stock, $100 par			200,000
Paid-In Capital in Excess of Par-Preferred Stock			10,000
Common Stock, $40 par			336,000
Paid-In Capital in Excess of Par-Common Stock			159,600
	705,600		705,600

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.

(1)

If an amount box does not require an entry, leave it blank.

(2)