Mallard Furniture recently became an incorporated furniture manufacturer after years of being run as a successful family

Question:

Mallard Furniture recently became an incorporated furniture manufacturer after years of being run as a successful family business. Mallard's charter authorizes the firm to issue 10,000 shares of 8%, $25 par preferred stock and 50,000 shares of $2 par common stock. During the year, the company engaged in the following transactions:
a. Issued 25,000 common shares to Mallard's founding family in exchange for $140,000 cash.
b. Sold 5,000 common shares to a potential customer for $13 per share.
c. Issued 2,000 shares of preferred stock to a venture capital firm for $45 per share.
d. Gave 50 shares of to Kelsey Kennedy, a local attorney, in exchange for Kelsey's help on a legal matter. Kelsey usually charges $1,500 for comparable work and this amount should be classified as a legal expense.
Required:
Prepare a journal entry for each of these transactions?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...