Samson Company had the following transactions.

1. Issued 3,000 shares of $100 par preferred stock at $107 for cash.

2. Issued 6,000 share of common stock with a par value of $10 for $110,000.

3. Purchased 500 shares of treasury common stock for $12,000.

Prepare the journal entries to record the above stock transactions.

Additionally explain your journal entries in words