On July 1, 2016, Oceanfront, Inc. issues 14,000 shares of $10 par value preferred stock at $100 cash per share and 30,000 shares of $2 par value common stock at $50 cash per share. Indicate the financial statement effects of these two issuances using the following template:

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The Answer of On July 1, 2016, Oceanfront, Inc. issues 14,000 shares of $10 par value preferred stock at $100 cash per share and 30,000 shares of $2 par value common stock at $50 cash per share. Indicate the financial statement effects of these two issuances using the following template: