Johnson Company is authorized to issue $50,000 shares of common stsock and 5,000 shares of preferred shares. Prepare journal entries for the following transactions and comment on anything that may be out of line with the facts.

Jan.1 Issued 7,000 shares of 10% preferred stock with a par value of $25 for cash of $76 per share

Feb 15. Issued 15,000 shares of common stock with a stated par value of $3 for cash of $13 per share

April 1 Issued 1,200 shares of 12% preferred shares with a par value of $83 for a truck with a value of $200,000

June 2 Issued 20,000 shares of common stock with no-par value for $17 cash per share

Aug 1 Issued 8,000 shares of $34 par value preferred stock for cash of $46 per share and land with a value of $15,000