Willow Creek nursery with an authorization of $75,000$ shares of preferred stock and $200,000$ shares of common stock completed several transactions involving it stock on October $1$ the first day of operations the trial balance at the close of the day follows.

Cash $4,768,000$ land $819,000$ buildings $2,029,000$ preferred one percent stock $$80$ per $($credit$)2,560,000$ paid in capital in excess of preferred stock $($credit$)288,000$ common stock $$30$ par $4,470,000$ paid in capital and excess of Par common stock $($credit$)298,000$ totals debit $7,616,000($credit$)7,616,000$ journalize the two entries to record the transaction summarized in the trial balance refer to the chart of accounts for the exact wording of account titles