Talley Corporation is authorized to issue both preferred and common stock. The par value of the preferred is \(\$ 50\). During the first year of operations, the company had the following events and transactions pertaining to its preferred stock:

Feb. 1 Issued 30,000 shares for cash at \(\$ 53\) per share.

July 1 Issued 10,000 shares for cash at \(\$ 57\) per share.

\section*{Instructions}

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts.

(c) Indicate the statement presentation of the accounts.