Lipe Company reports the following transactions relating to its stock accounts.

Feb. 20  Issued 10,000 shares of $1 par value common stock at $25 cash per share.

Feb. 21  Issued 15,000 shares of$100 par value, 8% preferred stock at $275 cash per share.

Jun.30  Purchased 2,000 shares of its own common stock at $15 cash per share.

Sep.25  Sold 1,000 shares of the treasury stock at $21 cash per share.

a. Using the financial statement effects template, illustrate the effects of these transactions.

b. Prepare the journal entries for these transactions.

c. Post the journal entries from b to the related T-accounts.