Sheffield Corporations charter authorized issuance of 90,000 shares of $10 par value common stock and 53,400 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others.

1. Issued a $10,700, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $106 a share.

2. Issued 540 shares of common stock for equipment. The equipment had been appraised at $7,800; the sellers book value was $5,700. The most recent market price of the common stock is $17 a share.

3. Issued 398 shares of common and 110 shares of preferred for a lump sum amounting to $11,900. The common had been selling at $15 and the preferred at $64.

4. Issued 200 shares of common and 55 shares of preferred for equipment. The common had a fair value of $17 per share; the equipment has a fair value of $6,600.

Record the transactions listed above in journal entry form.

No. Account Titles and Explanation Debit Credit 1. Cash Discount on Bonds Payable Bonds Payable Preferred Stock Paid-in Capital in Excess of Par Preferred Stock 56 2 Equipment 9180 Common Stock Paid-in Capital in Excess of Par Common Stock Cash Preferred Stock Paid-in Capital in Excess of Par Preferred Stock Common Stock Paid-in Capital in Excess of Par Common Stock 4. Equipment Preferred Stock Paid-in Capital in Excess of Par Preferred Stock Common Stock Paid-in Capital in Excess of Par Common Stock