Spangler Corporation's charter allows it to issue 25,000 shares of $100 par preferred stock and 50,000 shares of $20 par common stock. The company had the following stock transactions during the past year: 1. Issued 10,000 shares of common stock to the corporate founders in exchange for a building valued at $150,000 and equipment valued at $75,000. 2. Sold 500 shares of preferred stock at $125 per share and 1,000 shares of common stock at par to an investor. 3. Sold 5,000 shares of common stock for $35 per share. 4. Issued 2,000 shares of common stock with a market value of $40 per share, and 750 shares of preferred stock with a market value of $145 per share, for a lump sum of $200,000. 5. Purchased at $25 per share, 2,000 shares of Spangler Corporation common stock. 6. Sold 1,000 shares of treasury stock at $30 per share. 7. Sold 1,000 shares of treasury stock at $18 per share. Instructions: Prepare journal entries for the transactions noted above. No other transactions have affected the stock accounts. Record all lump sum transactions using the proportional method and all treasury stock transactions using the cost method