During its first year of operations, Criswell Inc. completed the following transactions relating to shareholders' equity.

January 5:	Issued 300,000 of its common shares for $8 per share and 2,000 preferred shares at $110.
February 12:	Issued 40,000 shares of common stock in exchange for equipment with a known cash price of $290,000.

The articles of incorporation authorize 5,000,000 shares with a par value of $1 per share of common and 1,000,000 preferred shares with a par value of $100 per share.

Required:

Record the above transactions in general journal form.