Your answer is correct. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Current Attempt in Progress Monty Corporation 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 20,000 shares for cash at $58 per share. July 1 Issued 14,000 shares for cash at $62 per share. (a) Your answer is correct. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 220 HW7 Ch 13 Ch 14 Question 6 of 10 1.33/2 Your answer is partially correct. Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Debit Credit Balance Feb. 1 July 1 8000000 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Feb. 1 July 1 Debit Credit Balance eTextbook and Media List of Accounts