On September 1, 2017 Magna Highend Vehicles a New York based sole proprietorship needed funds to expand to New Jersey and Connecticut so the company incorporated in New York State. New York State, by its charter, authorized Magna Vehicles to issue 20,000 shares of $50 par value, preferred stock and 50,000 shares of no-par common stock. The Board of Directors assigned a s0.50 stated value to the common stock QB Prepare journal entries to record the following transactions 7 (a) On October 3, 2017 an investor agreed to exchange a building assessed and valued by the City of New York at $800,000 for 15,000 of the preferred stock. The market price of the preferred stock is not known. 8 (b) On Nov 8, the remaining S000 preferred stock were sold cash at $70 per share g On Dec. 3, 2017 the 50,000 no-paro-stated value common stock were sold for cash at a market price of $15 per share