Home Lawn and Garden Company, Inc. had these transactions during the current period.

March $22$ Issued $40,000$ shares of $$3$ stated value common stock for cash of $$160,000.$

May $11$ Issued $8,000$ shares of $$25$ par value preferred stock for cash at $$60$ per share.

June $18$ Purchased $3,000$ shares of treasury stock for $$15,000.$

Instructions

Prepare the journal entries in proper form with correct account names for the transactions listed above.