In Its First Year of Operations Banner Elk Corporation Had $\quad$

Essay

In its first year of operations Banner Elk Corporation had the following transactions pertaining to its $10 par value preferred stock. Feb. 1 $\quad$ Issued 6,000 shares for cash at $\$ 43$ per share.
Nov. 1 $\quad$ Issued 3,000 shares for cash at $\$ 45$ per share.
Instructions
(a) Journalize the transactions.
(b) Indicate the amount to be reported for (1) preferred stock and (2) paid-in capital in excess of par - preferred stock at the end of the year.