Boron Company Is Authorized to Issue 50,000 Shares of $50

Boron 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: $$\begin{array} { | l | l| } \hline \text { May 5 } & \begin{array} { l } \text { Exchanged 2,200 shares of preferred stock for a building with a market } \\\text { value of } \$ 135,000 .\end{array} \\\hline \text { July 20 } & \text { Sold } 1,550 \text { shares of preferred stock for } \$ 50 \text { cash per share. } \\\hline \text { Dec. } 20 & \text { Sold } 1,000 \text { shares of preferred stock at } \$ 52 \text { cash per share. } \\\hline\end{array}$$