Answer:
Feb. 1
Debit  : Cash (48,000 x $52)    $2,496,000
Credit : Preferred Stock (48,000 x $50)   $2,400,000
Credit : Paid in excess of Par - Preferred Stock  $96,000
July 1
Debit  : Cash (66,000 x $56)    $3,696,000
Credit : Preferred Stock (66,000 x $50)   $3,300,000
Credit : Paid in excess of Par - Preferred Stock  $396,000
Explanation:
With Par value stocks, any amount paid in excess of par is placed in a reserve - Paid in Excess of Par as shown in the journals above.