Rhoads Corporation Is Authorized to Issue 250,000 Shares of $50

Rhoads Corporation is authorized to issue 250,000 shares of $50 par,10%,noncumulative,nonparticipating 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:
$$\begin{array} { | l | l | } \hline \text { Feb. } 1 & \text { Issued } 10,000 \text { shares of common stock for } \$ 30 \text { cash per share. } \\\hline 15 & \begin{array} { l } \text { Exchanged } 2,000 \text { shares of preferred stock for equipment and } \\\text { merchandise inventory with market values of } \$ 80,000 \text { and } \$ 30,000 , \\\text { respectively. }\end{array} \\\hline\end{array}$$

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\text { Feb. ...

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