During its first year of operations, Criswell Inc. completed the following transactions relating to shareholders' equity....

During its first year of operations, Criswell Inc. completed the following transactions relating to shareholders' equity.

January		5:		Issued 350,000 of its common shares for $8 per share and 3,500 preferred shares at $110.
February		12:		Issued 55,000 shares of common stock in exchange for equipment with a known cash price of $320,000.

The articles of incorporation authorize 5,000,000 shares with a par of $1 per share of common and 1,000,000 preferred shares with a par of $100 per share.

Required:
Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. Record the issue of 350,000 common shares for $8 per share.

2. Record the issue of 3,500 preferred shares at $110.

3. Issued 55,000 shares of common stock in exchange for equipment with a known cash price of $320,000.

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