Response to the following problem:
The following selected accounts appear in the ledger of Kingfisher Environmental Corporation on March 1, 2007, the beginning of the current fiscal year:
Preferred 2% Stock, $75 par (10,000 shares authorized, 8,000 shares issued) $ 600,000
Paid-In Capital in Excess of Par-Preferred Stock 100,000
Common Stock, $10 par (50,000 shares authorized, 35,000 shares issued) 350,000
Paid-In Capital in Excess of Par-Common Stock 85,000
Retained Earnings 1,050,000
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
a. Issued 7,500 shares of common stock at $24, receiving cash.
b. Sold 800 shares of preferred 2% stock at $81.
c. Purchased 3,000 shares of treasury common for $66,000.
d. Sold 1,800 shares of treasury common for $50,400.
e. Sold 750 shares of treasury common for $14,250.
f. Declared cash dividends of $1.50 per share on preferred stock and $0.40 per share on common stock.
g. Paid the cash dividends.
Instructions:
Journalize the entries to record the transactions. Identify each entry by letter.