answer in text form please (without image), Note: .Every entry should have narration please Martinez Corp. was organized on January 1, 2025. It is authorized to issue 23,000 shares of 5%, $50 par value preferred stockand 458,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completedduring the first year.Jan. 10 Issued 69,000 shares of common stock for cash at $5 per share.Issued 14,000 shares of preferred stock for cash at $53 per share.Issued 114,000 shares of common stock for cash at $7 per share.Issued 4,800 shares of common stock for cash at $6 per share.Issued 2,800 shares of preferred stock for cash at $56 per share.Mar.1MaySept. 11Nov. 1Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts. List all debit entries before credit entries.)

Journal entries are the primary reporting of the business transactions in the books of accounts.…

Martinez Corp. was organized on January 1, 2025. It is authorized to issue 23,000 shares of 5%, $50 par value preferred stock and 458,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 69,000 shares of common stock for cash at $5 per share. 1 Issued 14,000 shares of preferred stock for cash at $53 per share. May 1 Issued 114,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 4,800 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,800 shares of preferred stock for cash at $56 per share. Mar. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)