Boron Company is authorized to issue $50,000$ shares of $$50$ par value, $8\%,$ cumulative

preferred stock, and $750,000$ shares of $$5$ par value common stock. Prepare journal entries to

record the following selected transactions that occurred during the company"s first year of

operations:

May $5$ Exchanged $2,200$ shares of preferred stock for a building with a market value of $$135,000.$

July $20$ Sold $1,550$ shares of preferred stock for $$50$ cash per share.

December $20$ Sold $1,000$ shares of preferred stock at $$52$ cash per share.