A company is authorized to issue 10,000 shares of $150 par value, 9%, cumulative, fully participating preferred stock and 500,000 shares of $10 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: (10 Points) March 15 Exchanged 750 shares of preferred stock for land with a market value of $125,000.

August 2 Sold 250 shares of preferred stock for $150 cash per share.

November 12 Sold 1,000 shares of preferred stock at $175 cash per share

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