Rowlands Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock.

(a) Issued 20,000 shares at $55 per share.

(b) Issued 10,000 shares for equipment having a $700,000 asking price. The stock had a market value of $75 per share

Instructions

Journalize the transactions.