Required: 1. Record the issuance of stock, assuming the stockwas no-par value common stock. (If no entry is required for atransaction/event, select “No journal entry required” in the firstaccount field. Enter your answers in millions rounded to 1 decimalplace (i.e., 5,500,000 should be entered as 5.5).) ReferenceseBook& Resources General JournalLearning Objective: 11-01 Explainthe role of stock in the capital structure of a corporation.Difficulty: 2 MediumLearning Objective: 11-03 Describe thecharacteristics of common stock and report common stocktransactions. Check my work 4.value: Required information 2. Recordthe issuance of stock, assuming the common stock had a par value of$1 per share. (If no entry is required for a transaction/event,select “No journal entry required” in the first account field.Enter your answers in millions (i.e., 5,000,000 should be enteredas 5).) Use exact numbers please and explain how to journal. Recordthe issuance of stock, assuming the stock was no-par value commonstock