Martinez 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 42,500 shares for cash at $53 per share.
July 1		Issued 61,500 shares for cash at $56 per share.

Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Feb. 1July 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Feb. 1July 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Post to the stockholders equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.)

Preferred Stock
choose a transaction date 2/17/1	enter a debit amount	choose a transaction date 2/17/1	enter a credit amount
choose a transaction date 2/17/1	enter a debit amount	choose a transaction date 2/17/1	enter a credit amount
choose the end date of the accounting period Bal.	enter a debit balance	choose the end date of the accounting period Bal.	enter a credit balance

Paid-in Capital in Excess of Par ValuePreferred Stock
choose a transaction date 2/17/1	enter a debit amount	choose a transaction date 2/17/1	enter a credit amount
choose a transaction date 2/17/1	enter a debit amount	choose a transaction date 2/17/1	enter a credit amount
choose the end date of the accounting period Bal.	enter a debit balance	choose the end date of the accounting period Bal.	enter a credit balance

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