A company has been authorized to issue 300,000 shares of $8 par value common stock and 3,000 shares of 14 percent, cumulative, preferred stock with a par value of $12. a. Prepare the entries for the following transactions that all took place in June 2012: - 150,000 shares of common stock are issued for cash at $25 per share. - 1,500 shares of preferred stock are issued for cash at $18 per share. - 2,000 shares of common stock are issued in exchange for legal services received in the incorporation process. The fair market value of the legal services is $18,000