Problem $3$: Chapter $14-$ Equity Transactions $(29$ points$)$

Made$-$Off, Corp's board of directors has authorized the issuance of $180,000$ shares of $$0\mathrm{.}01$ par common stock and $50,000$ shares of $$100$ par, $9\%,$ cumulative preferred stock as of January $1,2020.$ The following transactions occurred during the year.

Instructions: Record the journal entries for all the below transactions.

February $28,2020$: The company issued $50,000$ shares of common stock for $$410,000.$

March $31,2020$: Made$-$Off issued $2,000$ shares of preferred stock to a vendor in exchange for specialized equipment. This is the first trade for the preferred stock, so no market value is available, but the equipment has a fair value of $$203,000.$