Ivanhoe Observation Inc. on May $1,2024,$ and was authorized to issue $500,000$ common shares and $100,0005\%,$ non$-$participating, convertible preferred shares. Durih' the remainder of $2024,$ the company entered into the following transactions:

Issued $32,000$ common shares in exchange for $$640,000.$

Issued $5,000$ preferred shares in exchange for $$70,000.$

Repurchased $3,000$ common shares for $$25\mathrm{.}00$ per share in the open market.

The company entered into no other transactions that affected shareholders' equity during $2024.$

$($a$)$

Provide the journal entries for each of the transactions. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$