ABC Corporation is authorized to issue 200,000 shares of $20 par value Common Stock, and 50,000 shares of 6% cumulative and non participating preferred stock, with a par value of $100 per share.

Please journalize the following transactions:

(1) Issued 40,000 shares of common stock for $1,920,000.

(2) Issued 10,000 shares of preferred stock in exchanged for machinery valued at $1,120,000.

(3) Purchased 1,000 shares of Common Stock at $46 per share for the Treasury.

(4) Resold 500 shares of Treasury Stock for $51 per share.