New Mexico Corporation has two classes of stock: common, $3 par value; and preferred, $20...

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Accounting

New Mexico Corporation has two classes of stock: common, $3 par value; and preferred, $20 par value.
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Journalize New Mexico Corporation's issuance of 5,000 shares of common stock for $7 per share.
Journalize New Mexico Corporation's issuance of 5,000 shares of preferred stock for a total of $100,000.
Requirement 1. Journalize New Mexico Corporation's issuance of 5,000 shares of common stock for $7 per
share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
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