Transactions to incorporate and run a business. The following events relate to shareholders" equity transactions of Wilson Supply Company during the first year of its existence. Present journal entries for each of the transactions.

a. January 2. The firm files articles of incoi-poration with the State Corporation Commission.

The authorized capital stock consists of 5,000 shares of $100-par value preferred stock that offers an 8 percent annual dividend and 50,000 shares of nopar common stock. The original incorporators acquire 300 shares of common stock at $30 per share; the firm collects cash for the shares. It assigns a stated value of $30 per share to the common stock.

b. January 6. The firm issues 2,000 shares of common stock for cash at $30 per share.

c. January 8. It issues 4,000 shares of preferred stock at par.

d. January 9. The firm issues certificates for the shares of prefen-ed stock.

e. January 12. The firm acquires the tangible assets and goodwill of Richardson Supply, a partnership, in exchange for 1,000 shares of preferred stock and 12,000 shares of common stock. It values the tangible assets acquired as follows: inventories, $50,000; land, $80,000: buildings, $210,000; and equipment, $120,000.

f. July 3. The directors declare the semiannual dividend on preferred stock outstanding, payable July 25, to shareholders of record on July 12.
g. July 5. The firm operated profitably for the first six months, and it decides to expand.
The company issues 25,000 shares of common stock for cash at $33 per share.
h. July 25. It pays the preferred stock dividend declared on July 3.
i. October 2. The directors declare a dividend of $1 per share on the common stock.
payable October 25. to shareholders of record on October 12.
j. October 25. The firm pays the common stock dividend declared on October 2.