Answer:
Dr cash      $ 2,473,500.00  
Cr preferred stock                                                       $ 2,425,000.00  
Cr  paid-in capital in excess of par-preferred stock $48,500
Dr cash                        $  3,422,000.00  
Cr preferred stock                                                       $ 2,900,000
Cr  paid-in capital in excess of par-preferred stock $522,000
Explanation:
The issue of preferred shares on Feb 1 would result in cash proceeds of $ $2,473,500.00   i.e (48,500*$51)
The proceeds would be debited to cash while preferred stock account is credited with par amount of $ 2,425,000.00 (48,500*$50) and the remaining amount of $ 48,500.00   is credited to paid-in capital in excess of par-preferred stock.
The issue of preferred shares on July 1 would result in cash proceeds of  $3,422,000.00     i.e (58,000*$59)
The proceeds would be debited to cash while preferred stock account is credited with par amount of $ 2,900,000.00   (58000*$50) and the remaining amount of $ 522,000.00    is credited to paid-in capital in excess of par-preferred stock