Rhoads Corporation is authorized to issue $250,000$ shares of $$50$ par value, $10\%,$ Rhoads Corporation is authorized to issue $250,000$ shares of $$50$ par value, $10\%,$

noncumulative preferred stock and $5,000,000$ shares of no$-$par common stock. Prepare journal

entries to record the following selected transactions that occurred during this year:

February $1$ Issued $10,000$ shares of common stock for $$30$ cash per share.

February $15$ Exchanged $2,000$ shares of preferred stock for equipment and inventory with market values

of $$80,000$ and $$30,000,$ respectively.

noncumulative preferred stock and $5,000,000$ shares of no$-$par common stock. Prepare journal

entries to record the following selected transactions that occurred during this year:

February $1$ Issued $10,000$ shares of common stock for $$30$ cash per share.

February $15$ Exchanged $2,000$ shares of preferred stock for equipment and inventory with market values

of $$80,000$ and $$30,000,$ respectively.