During its first year of operations, Western Tools Corporation entered into the following transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 2 million common shares, $2 par per share, and 500,000 preferred shares, $10 par per share. Required: Prepare the appropriate journal entries to record each transaction. 1. Jun. 24 Sold 750,000 common shares, for $6.50 per share. 2. Jun. 25 Issued 8,000 common shares to promoters in exchange for marketing services. 3. Jun. 25 Sold 100,000 of its common shares and 10,000 preferred shares for a total of $900,000. 4. Dec. 15 Issues 68,000 of its common shares in exchange for equipment for which the cash price was known to be $223,000