Example #8

During the month of February, B & B Builders, Inc. completed the following transactions related to its stock:

February 2: Issued 3,000 shares of $1 par value common stock for $15 cash per share.

February 3: Issued 9,000 shares of $1 par value common stock for $20 cash per share.

February 20: Issued 600 shares of $4 par value preferred stock for equipment with a fair market value of $5,000.

Required:

Prepare journal entries for the above transactions. Omit explanations.

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