Journal entries

ACC 222 Corporation completed the following stock issuance transactions: 2019 Issued 4,000 shares of $4 par value common stock for cash of $15 per share June 7 Aug. 16 Issued 400 shares of no-par preferred stock for $55,000 cash Received equipment with a market value of $95,000 in exchange Sept. 19 for 5,000 shares of the $3 par value common stock 2020 Issued 5,000 shares of $5 stated value common stock for cash Mar. 28 of $50 per share Received merchandise inventory with a market value of $86,000 in exchange for 2,000 shares of the $5 stated value common stock. May 1 Issued 450 shares of 5%, $20 par value preferred stock for $50 May 14 per share