Rowlands Corporation Has 100000 Shares of $40 Par Value Preferred

Essay

Rowlands Corporation has 100000 shares of $40 par value preferred stock authorized. During the year it had the following transactions related to its preferred stock.
(a) Issued 20000 shares at $55 per share.
(b) Issued 10000 shares for equipment having a $700000 asking price. The stock had a market value of $75 per share
Instructions
Journalize the transactions.