Martinez Corp. 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 July 1 (a) Issued 22,800 shares for cash at $51 per share. Issued 34,200 shares for cash at $56 per share. Prepare a tabular summary to record the transactions. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered

Martinez Corp. 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 July 1 (a) Issued 22,800 shares for cash at $51 per share. Issued 34,200 shares for cash at $56 per share. Prepare a tabular summary to record the transactions. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered