Pina Colada 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 Issued 65,400 shares for cash at $76 per share.July 1 Issued 89,100 shares for cash at $92 per share.Required:1. Journalize the transactions.2. Post to the stockholders' equity accounts. (Use T-accounts.)