Record stock transactions. (LO 1, 2, 3)

Quicksilver Corporation is authorized to issue both preferred and common stock. Quicksilver's preferred stock is \(\$ 200\) par, \(5 \%\) preferred stock. During the first month of operations, the company engaged in the following transactions related to its stock. Show each of the following transactions in the accounting equation.

Jan. 1 Issued 30,000 shares of \$1 par value common stock for cash at \(\$ 51\) per share Jan. 10 Issued 1,000 shares of preferred stock at par Jan. 15 Purchased 2,000 shares of common stock to be held in the treasury for \(\$ 53\) per share Jan. 20 Issued 40,000 shares \(\$ 1\) par value common stock for cash at \(\$ 56\) per share Jan. 21 Sold 1,500 shares of the treasury stock purchased on the 15 th for \(\$ 56\) per share Jan. 31 Declared a \(\$ 25,000\) dividend