Pinnacle Holdings issued stock to investors.
| Date | Event |
|---|
| April 2 | Issued 10,000 shares of $1 par value common stock for $12 per share. |
| April 18 | Issued 2,000 shares of $50 par value, 5% preferred stock for $55 per share. |
Required: Prepare the journal entries. Credit the par values to Common Stock / Preferred Stock and the excess to the matching Paid-in Capital in Excess of Par accounts.