During its first year of operations, Criswell Incorporated completed the following transactions relating to shareholders' equity. January 5: Issued 360,000 of its common shares for $8 per share and 3,600 preferred shares at $110. February 12: Issued 56,000 shares of common stock in exchange for equipment with a known cash price of $322,000. 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 Record the issue of 360,000 common shares for $8 per share. 2 Record the issue of 3,600 preferred shares at $110. 3 Issued 56,000 shares of common stock in exchange for equipment with a known cash price of $322,000. Credit Note : O = journal entry has been entered