Sarasota Corp. 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 52,000 shares for cash at $55 per share. July 1 Issued 67,500 shares for cash at $59 per share.
a. Journalize the transactions.
b. Post to the stockholders’ equity accounts. (Use T-accounts.)
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