Stock Issuance and Cash Dividends Lindstrom Corporation was organized in January 2009. The state authorized 200,000 shares of no-par common stock and 75,000 shares of 8%, $24 par, preferred stock. Record the following transactions that occurred in 2009:

a. Issued 20,000 shares of common stock at $35 per share.

b. Issued 3,500 shares of preferred stock for a building appraised at $100,000.

c. Declared a cash dividend sufficient to meet the current-dividend preference on preferred stock and pay common shareholders $3.50 per share.