Prepare journal entries for each of the following transactions.
a. The corporation sells 12,000 shares of $10 par common stock for $13.00 per share.
b. The corporation sells 5,000 shares of $50 par, 10% cumulative preferred stock for $59 per share.
c. The corporation receives a building with a market value of $115,000 and issues 6,400 shares of $10 par common stock in exchange.
d. The corporation has net income of $66,000 at the end of its first year of operations.