TB Problem 18-151 (Algo)

During its first year of operations, Bethany Inc. completed the following transactions relating to shareholders' equity.

January		5:		Issued 340,000 of its common shares for $8 per share and 3,400 preferred shares at $110.
February		12:		Issued 54,000 shares of common stock in exchange for equipment with a known cash price of $318,000. Assume recent equipment price is deemed more accurate than stock price.

The articles of incorporation authorize 5,000,000 shares with a par of $1 per share of common and 1,000,000 preferred shares with a par of $100 per share. Required: Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)