Cornerstone Exercise 10-25 (Algorithmic) Recording the Sale of Common and Preferred Stock Donahue Corporation is authorized by its charter from the state of tllinois to issue 750 shares of preferred stock with a $7 \%$ dividend rate and a par value of $\$ 50$ per share and 22,000 shares of common stock with a par value of $\$ 0.01$ per share. On January 1, 2019, Donahue Corporation issues 250 shares of preferred stock at $\$ 55$ per share and 11,000 shares of common stock at $\$ 13$ per share. Required: Prepare the joumal entry to record the issuance of the stock. 2019 )an. 1 (Record sale of preferred and common stock) Ch. to Homawerk Contant Area

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