Pronghorn 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 $49,500$ shares for cash at $$53$ per share.

July $1$ Issued $64,500$ shares for cash at $$58$ per share.

$($a$)$

Your answer is correct.

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. List all debit entries before credit entries. If no entry is required, select $"$No

Entry" for the account titles and enter $0$ for the amounts.$)$

eTextbook and Media

List of Accounts

$($b$)$

Your answer is partially correct.

Post to the stockholders' equity accounts. $($Post entries in the order of journal entries posted in the previous part.$)$