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 operation:

January 1, 2016

Exchanged 500 shares of common stock for $2,500 worth of services incurred to get the corporation organized. Please complete the journal entry.

February 1, 2016

Sold 96,000 shares of common stock for $8 per share and received cash payment. Please complete the journal entry.

February 10, 2016

Sold 25,000 shares of preferred stock for $75 per share and received cash payment. Please complete the journal entry.

March 1, 2016

Sold 35,000 shares of common stock for $10 per share and received cash payment. Please complete the journal entry.

March 31, 2016

Sold 10,000 shares of preferred stock for $85 per share and received cash payment. Please complete the journal entry.