In 2022, Margaritaville's Products completed the treasury stock transactions described below. January 3: Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at $110. February 14: Issued 50,000 shares of common stock in exchange for equipment with a known cash price of $310,000. September 18: Sold 3 million treasury shares at $15 per share. Margaritaville had issued 50 million shares of its $1 par common stock for $18 several years ago. Required: Record the above transactions assuming that Margaritaville's Products uses the cost method.

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