Mar. 31 James locorporated is authorized to issue 5,000,000 shares of Si par value common stock. In its second year of business, the company has the following transactions Issued 32,000 shares at $9 share. Issued 140,000 shares in exchange for a building with a clearly determined value of $720,000 Aug, 30 Purchased 7,000 shares of treasury stock at $8 per share. Jul 9 Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank Mar.1 Cash Common Stock Additional Paid in Capital from Common Stock Jul 9 III II Aug 30