During its first year of operations, Criswell Inc. completed the following transactions relating to shareholders' equity. January 5: Issued 350,000 of its common shares for $8 per share and 2,500 preferred shares at $110. February 12: Issued 45,000 shares of common stock in exchange for equipment with a known cash price of $300,000. The articles of incorporation authorize 5,000,000 shares with a par of $1 per share of common and 1,000,000 preferred shares with a par of $100 per share. Required: Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the issue of 350,000 common shares for $8 per share. 2 Record the issue of 2,500 preferred shares at $110. 3 Issued 45,000 shares of common stock in exchange for equipment with a known cash price of $300,000. Credit Note = journal entry has been entered Record entry Clear entry View general Journal