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JetNew issued 50,000 common shares on January 1, 2014 at $8 each. Preferred shares were issued on March 15, 2014 at $10 each with a dividend rate of $0.50. JetNew sold 20,000 of these shares. On November 15, in order to buy into the business, another shareholder offered up a building valued at $300,000 for 30,000 common shares. At the time of this transaction JetNew shares were trading at $9. Prepare the required journal entries.

Jan   1   Cash      400,000
         Common shares      400,000
            ($8 × 50,000)

Mar   15   Cash      200,000
         Preferred shares      200,000
            ($10 × 20,000)

Nov   15   Building   300,000
      Common shares      300,000