Record stock transactions. ( \(L O 1,2,3\) )

Dark Knight Comics Inc. is authorized to issue both preferred and common stock. Dark Knight's preferred stock is \(\$ 175\) par, \(8 \%\) preferred stock. During the first month of operations, the company engaged in the following transactions related to its stock. For each of the following transactions, show how it would be recorded in the accounting equation.

July 1 Issued 40,000 shares of \(\$ .50\) par value common stock for cash at \(\$ 42\) per share July 8 Issued 1,500 shares of preferred stock at par July 14 Purchased 2,750 shares of common stock to be held in the treasury for \(\$ 43\) per share July 22 Issued 35,000 shares \(\$ .50\) par value common stock for cash at \(\$ 47\) per share July 26 Sold 1,750 shares of the treasury stock purchased on the 14th for \(\$ 47\) per share July 31 Declared a \(\$ 22,500\) dividend