Corporation has two classes of stock: common, $5 par value; and preferred, $25 par value. requirements 1. journalize arizona's issuance of 5 comma 500 shares of common stock for $ 12 per share. 2. journalize arizona's issuance of 5 comma 500 shares of preferred stock for a total of $ 137 comma 500.

Please refer below the journal entry for the issuance of Common stock as well as preferred Stock

Explanation:

1. Journalize Arizona's issuance of 5,500 shares of common stock for $ 12 per share

Cash                                                                              Debit       $66,000

Common Stock                                                             Credit      $27,500

Paid in Capital (Excess of Par) i.e. Premium               Credit      $38,500

2. Journalize Arizona's issuance of 5,500 shares of preferred stock for a total of $ 137,500.

Cash                                                                              Debit       $137,500

Preferred Stock                                                             Credit      $137,500

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