TB Problem 18-150 (Static) rded 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 S1 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.) No General Journal Credit Date January 05 Debit 25,000,000 1 Cash Common stock Paid in capital - excess of par OOO 1,000,000 25.000.000 2 February 12 Professional services expense Common stock Pald.in capital excess of par 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 shar 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.) ded No Debit Date January 05 Credit 1 General Journal Cash Common stock Pald-in capital - excess of par 25,000,000 0 1,000,000 25,000,000 2 February 12 Professional services expense Common stock Paid-in capital - excess of par x