After looking into debt financing through notes, mortgage, and bonds payable, Outdoor Adventure Company decides to raise additional capital for a planned business expansion. The company will be able to acquire cash as well as land adjacent to its current business location. Before the following transactions, the balance in Common Stock on January 1, 2027 was $550,000 and included 110,000 shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess of Par-Common.) Outdoor Adventure Company had the following transactions in 2027: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Issued 90,000 shares of $5 par value common stock for a total of $900,000. Date Jan. 1 Cash Accounts and Explanation Common Stock-$5 Par Value Paid-In Capital in Excess of Par-Common Debit Credit 900,000 90000 810000