Problem 10-82A Issuing Common and Preferred Stock Klaus Herrmann, a biochemistry professor, organized Bioproducts Inc. early this year. The firm will manufacture antibiotics using gene splicing technology. Bioproducts charter authorizes the firm to issue 10,000 shares of 7%, 570 par preferred stock and 150,000 shares of $5 par common stock. During the year, the firm engaged in the transactions listed below. a. Issued 50,000 common shares to Klaus Herrmann in exchange for $550,000 cash, b. Sold 8,000 common shares to a potential customer for $12 per share. Issued 4,000 shares of preferred stock to a venture capital firm for $85 per share d. Gave 100 shares of common stock to Margaret Robb, a local attorney, in exchange for Margaret's work in arranging for the firm's incorporation, Margaret usually charges $1,200 for comparable work Required: Prepare a journal entry for each of these transactions (Record sale of common stock) 111 III JI. (Record sale of common stock)