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Sarasota Corp. is authorized to issue both preferred and common stock. The par value of...

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Accounting

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 50,800 shares for cash at $ 128 per share.
July 1

Issued 150,600 shares for cash at $ 71 per share.

a. Journalize the transactions.

b. Post to the stockholders equity accounts. (Use T-accounts.)

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