Question: please explain calculations thank you! Colorado, Inc., has two classes of stock, $8 par common and $40 par preferred. Journalize Colorado's issuance of the following:

please explain calculations thank you!

Colorado, Inc., has two classes of stock, $8 par common and $40 par preferred. Journalize Colorado's issuance of the following: a. 1,000 shares of common stock for $55 per share. b. 1,000 shares of preferred stock for a total of $60,000. Explanations are not required. (Record debits first, then credits. Exclude explanations from any jourial entries.) a. Journalize the issuance of 1,000 shares of common stock for $55 per share

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