Texas Gun Stores Inc was authorized to issue 65,000 $5.50 non-cumulative preferred shares and an unlimited number of common shares. The company's fiscal year end is December 31.

During 1975, their first year of operations, the following selected transactions occurred:

January 3 Issued 11,000 common shares at $7.50 each for cash.

May 3 8,000 preferred shares and 9,000 common shares were issued at $22.00 and $9.00 respectively, for cash.

October 14 1,600 common shares were issued in exchange for a van with a fair value of $32,000.

December 15 The company declared the required cash dividend on the preferred shares and a $2 per common share cash dividend payable on January 30, 1976 to the shareholders of record of January 20, 1976.

Required: Prepare journal entries to record the above 1975 transactions.