On December 29, 2019, Hade Company was authorized to issue 100,000 shares of $5 par value preferred stock and 600,000 shares of $30 par value common stock. It then completed the following transactions in the month of January 2020:

**PLEASE do not just copy and paste the answer from the other question on Chegg as it had an error***

Jan. 6	Issues 60,000 shares of common stock at $36 per share for cash.
Jan. 19	Issued 2,000 shares of preferred stock for $70,000 cash.
Jan. 26	Exchanged 55,000 share of common stock for the following assets at the indicated fair market values: Land $305,000 Building $640,000 Machinery $760,000

Required:

A. Prepare the journal entries to record the above transactions.

B. Prepare the balance sheet of the company as of January 31, 2020.