A company is authorized to issue 80,000 shares of $80 par value, 9%, non-cumulative preferred stock, and 500,000 shares of no-par value common stock. Required Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: April 5 Sold 2,000 shares of preferred stock for $90 cash per share. May 21 Sold 6,000 shares of common stock at $20 cash per share. June 20 Exchanged 2,500 shares of preferred stock for a building with a market value of $245,000