16) A corporation is authorized to issue 500,000 shares of $100 par, 6%, noncumulative, nongarticipating preferred stock, and 1,000,000 shares of no-par common stock. The following selected transactions occurred during the year ans March 5 Issued 250 shares of preferred stock for $102 cash per share Exchanged 750 shares of common stock for $12,000 in legal bervices incurred in the organization of the company Prepare the journal entries to record these transactions. (11 points July 15 ploclo loleion Date Account Titles Credit Debit 2OO e- 40: 17) A company reported the following stockholder's equity on January 1: Common stock, $10 par, 1,000,000 shares $2,500,000 1,260,000 1,675,000 $5,435,000 authorized, 250,000 shares issued . Paid-in capital in excess of par, common Retained earnings. Total stockholders' equity. Prepare journal entries for the following transactions. (17 points) Purchased 10,000 shares of treasury stock for $18 per share. Sold 4,000 shares of treasury stock for $16 per share. Sold 2,000 shares of treasury stock for $19 per share. March 1 May 5 June 12 Credit Debit Account Titles Date Page 4