A company is authorized to issue 800,000 shares of $6 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: (3 Points)

March. 8	Sold 110,000 shares of common stock for $9 cash per share.
March 12	Exchanged 12,000 shares of common stock for equipment with a market value of $90,000.