On June $30,2023,$ Wood Fire Limited was authorized to issue $60,000$ shares of $$5$ cumulative preferred shares and $250,000$ common shares. During its start$-$up phase, the company engaged in several transactions.

Required

$1.$ Prepare journal entries for the following transactions:

a$.$ June $30$: Sold $40,000$ preferred shares at $$110$ per share.

b$.$ June $30$: Sold $50,000$ common shares at $$30$ per share.

c$.$ July $5$: Issued $5,000$ common shares in exchange for equipment valued objectively at $$165,000.$