A. 12,000 shares of common stock are issued to the founders of the corporation for a building and equipment valued by the board of directors at $400,000. The board establishes a stated value of $10 a share for the common stock. B. 6,000 shares of preferred stock are sold for cash at $110 per share. C. The company declared a cash dividend for $10,000 for owners of Jan 1st. D. The company paid the cash dividend. E. The company authorizes the issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock. The preferred stock is convertible to common stock at 2 to 1. The value of the stock is $ 120 per share in the market. Instructions Prepare the general journal entries necessary to record these transactions