Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 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:

Willow Creek Nursery UNADJUSTED TRIAL BALANCE October 1, 20 DEBIT 4,719,000.00 835,000.00 2.490,000.00 CREDIT ACCOUNT TITLE 1 Cash 2 Land 3 Buildings 4 Common Stock 5 Paid-In Capital in Excess of Par-Common Stock 6 Preferred Stock 4,290,000.00 429,000.00 2,625,000.00 700,000.00 8,044,000.00 Paid-In Capital in Excess of Par-Preferred Stock Totals 8,044,000.00 common stock has a $30 par value and the preferred stock is 1%, 75 par value. 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 two entries to record the transactions summarized in the trial balance. Refer to the Chart of Accounts for exact wording of account titles