Sheridan 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 $23,500$ shares at $$55$ per share.

$($b$)$ Issued $11,000$ shares for equipment having a $$715,000$ asking price. The stock had a market value of $$70$ per share.

Journalize the transactions. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$