1) During its first year of operations, Criswell Incorporated completed the following transactions relating to shareholders' equity.

January 5: Issued 380,000 of its common shares for $8 per share and 3,800 preferred shares at $110.

February 12: Issued 58,000 shares of common stock in exchange for equipment with a known cash price of $326,000.

The articles of incorporation authorize 5,000,000 shares with a par of $1 per share of common and 1,000,000 preferred shares with a par of $100 per share.

Required: Record the above transactions in general journal form. (10 points)

Date General Journal Debit Credit

DATE	GENERAL JOURNAL	DEBIT	CREDIT