Boron Company is authorized to issue 50000 shares of $50 par value 8% cumulative fully participating 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. Dec. 20 Sold 1,000 shares of preferred stock at $52 cash per share.