A company is authorized to issue 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: Jan. 10 Sold 102,000 shares of common stock for $8 cash per share. 15 Exchanged 10,000 shares of common stock for equipment with a market value of $80,000. Feb. 1 Exchanged 500 shares of common stock for $3,000 of legal services Incurred during the company's organization.