- Equity transactions. Presented below is information related to Wyrick Company: 1. The company is granted a charter that authorizes issuance of 15,000 shares of $100 F preferred stock and 40,000 shares of no-par common stock. 2. 8,000 shares of common stock are issued to the founders of the corporation for land board of directors at $300,000. The board establishes a stated value of $5 a share for stock. 3. 5,000 shares of preferred stock are sold for cash at $120 per share. 4. The company issues 100 shares of common stock to its attorneys for costs associated the company. At that time, the common stock was selling at $60 per share. Instructions Prepare the general journal entries necessary to record these transactions