Response to the following questions:
1. How does preferred stock differ from common stock?
2. What amount of the proceeds from the issuance of no-par, no-stated-value stock is recorded in the Capital Stock account?
3. What is a stock subscription? How does a corporation report the accounts Subscriptions Receivable and Preferred Stock Subscribed on its balance sheet? Why?
Support your answer using a minimum of two professional or academic sources.