The following data are selected from the records of capital stock and retained earnings of the Wheellock Company. Present. journal entries for these transactions.

a July 5, 1979. Articles of incorporation are filed with the secretary of state. The authorized capital stock consists of 1,000 shares of 6 -percent preferred stock with a par value of \(\$ 100\) per share and 10,000 shares of no-par common stock.

b July 8, 1979. The company issues 3,000 shares of common stock for cash at \(\$ 50\) per share.

c July 9, 1979. The company issues 6,000 shares of common stock for the assets of the partnership of Wheellock and Wheellock. Their assets are valued as follows: accounts receivable, \(\$ 30,000\); inventories, \(\$ 60,000\); land, \(\$ 20,000\); buildings, \(\$ 90,000\); and equipment, \(\$ 100,000\).

d July 13, 1979. 750 shares of preferred stock are issued at par for cash.

e December 31, 1979. The balance in the Income Summary account after closing all expense and revenue accounts is \(\$ 200,000\). That account is to be closed to the Retained Earnings account.

f January 4, 1980. The regular semiannual dividend on the preferred stock and a dividend of \(\$ 2\) per share on the common stock are declared. The dividends are payable on February 1 .

g February 1, 1980. The dividends declared on January 4 are paid.

h July 2, 1980. The regular semiannual dividend on the preferred stock is declared. The dividend is payable on August 1.

i August 1, 1980. The dividend declared on July 2 is paid.