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