A new investor approached you with a proposal on 1/1/22. She had a fully equipped store that she wanted you to take over in exchange for preferred stock. You exchanged 1,500 shares of par $100, 5% non-cumulative preferred stock for a facility valued at $400,000 and equipment valued at $50,000. The store is expected to last 20 years and be worth 20% of its current value at that time, while the equipment is expected to last another 8 years and be worthless after that time.

Provide the journal entry to record the stock transaction on 1/1/22 below.