Hi, does anyone can help me with this homework problem? A company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: may 5 Exchanged 2000 shares of preferred stock for a building a market value of 130000 july 20 sold 1550 shares of preffered stock for 50 cash per share dec 20 sold 1000 shares of preferred stock 555 cash per share Thank you