ABC Corporation is authorized to issue 50,000 shares of $50 par value, preferred stock and 750,000 shares of $5 par value common stock. Please prepare journal entries to record the following transactions that occurred during the first year of operations:

January 1 Exchanged 500 shares of common stock for $ 2,500 worth of services incurred to get the corporation organized.

February 1 Sold 96,000 shares of common stock for $8 per share, cash.

February 10 Sold 25,000 shares of preferred stock for $ 75 per share, cash.

March 1 `Sold 35,000 shares of common stock for $10 per share, cash.

March 31 `Sold 10,000 shares of preferred stock for $85 per share, cash.