Question: I need the answer complete and in computer, no handwritten please. Transit Inc. is authorized to issue both preferred and common stock. The par value

I need the answer complete and in computer, no handwritten please.

Transit Inc. 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. March. 1 Issued 25,000 shares for cash at $54 per share. July 1 Issued 13,500 shares for cash at $58 per share.

Instructions

(a) Journalize the transactions.

(b) Post to the stockholders equity accounts.

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