Mercia Corporation is authorized to issue 100,000 shares of common stock and 8,000 shares of preferred stock. During the first year ended 31 December 2024, Mercia Corporation completed the following stock issuance transactions:

Requirement
Journalize the above transactions for Mercia Corporation.

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Jan. 23 Jun. 11 Jul. 28 Issued 10,000 shares of $2 par value common stock for cash of $6 per share. Issued 5,000 shares of 5%, $11 par value preferred stock for $55,000 cash. Received an equipment with a market value of $10,800 for 4,000 shares of the $2 par value common stock.