Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 21,000 shares authorized Common stock: $8 par value, 50,000 shares authorized During the year, the following transactions occurred in the order given: a. Sold 40,000 shares of the common stock for $12 per share. b. Sold 5,500 shares of the preferred stock for $16 per share. c. Sold 3,000 shares of the common stock for $15 per share and 1,000 shares of the preferred stock for $26 per share d. Net income for the year was $96,000. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ WITT CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet (Partial) } \\ \hline At December 31, This Year & & \\ \hline Stockholders' equity: & & \\ \hline Contributed capital: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total contributed capital & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline \end{tabular} Required information [The following information applies to the questions displayed below.] The following was in the financial press pertaining to GoDaddy Corporation: GoDaddy's (GDDY) stock was sold for $26 per share during its opening day of trading. GoDaddy sold 23 million shares at its IPO. 1. Record the issuance of stock, assuming the stock was no-par value common stock. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 5,500,000 should be entered as 5). Journal entry worksheet Record the issuance of stock, assuming the stock was no-par value common stock. Note: Enter debits before credits