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On April 1, 8,000 shares of $7 par common stock were issued at $25, and on April 7, 3,000 shares of $70 par preferred stock w

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Date Accounts titles and Explanation Debit ($) Credit ($)
Apr-01 Cash(8000*25)            2,00,000
          Common Stock(8000*7)        56,000
           Paid in capital in excess of par - common stock(8000*(25-7)     1,44,000
Apr-07 Cash(3000*107)            3,21,000
           Preferred Stock(3000*70)     2,10,000
           Paid in capital in excess of par - preferred stock(3000*(107-70)     1,11,000
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