TB Problem 18-150 (Static) During its first year of operations, Cole's Electronics Inc. completed the following transactions relating to shareholders' equity January 5: Issued 1,000,000 shares of common stock for $25 per share. February 12: Issued 20,000 shares of common stock to accountants for $500,000 of professional services. The articles of incorporation authorize 5,000,000 shares of common stock with a par of $1 per share and 1,000,000 preferred shares with a par of $100 per share. Required: Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete but not entirely correct. No Date January 05 Debit Credit 1 General Journal Cash Common stock Pald.in capital excess of par 45,000,000 1,500,000 43,500,000 Answer is complete but not entirely correct. NO Date January 05 Credit 1 General Journal Cash Common stock Paid-in capital excess of par Debit 45,000,000 olo 1.500.000 43,500,000 2 February 12 750 000 Professional services expense Common stock Paid-in capital - excess of par 25,000 725.000