Willow Creek Nursery, with an authorization of 72,000 shares of preferred stock and 210,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: ACCOUNT TITLE DEBIT CREDIT
Cash 4,000,500.00
Land 860,000.00
Buildings 2,533,000.00
Common Stock 2,540,000.00
Paid-In Capital in Excess of Par-Common Stock 1,460,500.00
Preferred Stock 2,925,000.00
Paid-In Capital in Excess of Par-Preferred Stock 468,000.00
Totals 7,393,500.00 7,393,500.00

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Required:
Journalize the two entries to record the transactions summarized in the trial balance.