Prepare a journal entry for each of the following transactions. Miracle Body Corporation sells 10,000 shares of $10 par common stock for $13.25 per share. Miracle Body Corporation sells 10,000 shares of $50 par, 10%, preferred stock for $55 per share. Received a building with a market value of $160,000, and issued 6, 400 shares of $10 par common stock in exchange. Miracle Body Corporation reports net income of $70,000 at the end of its first year of operations