Events and Transactions}
The accountant for Boatsman Products Inc. received the following information:

a. Boatsman sent its customers a new price list. Prices were increased an average of \(3 \%\) on all items.

b. Boatsman accepted an offer of \(\$ 150,000\) for land that it had purchased two years ago for \(\$ 130,000\). Cash and the deed for the property are to be exchanged in five days.

c. Boatsman accepted \(\$ 150,000\) cash and gave the purchaser the deed for the property described in item \(b\).

d. Boatsman's president purchased 600 of the firm's common shares from another shareholder. The president paid \(\$ 15\) per share. The former shareholder had purchased the shares from Boatsman for \(\$ 4\) per share.

e. Boatsman leases its delivery trucks from a local dealer. The dealer also performs maintenance on the trucks for Boatsman. Boatsman received a \(\$ 1,254\) bill for maintenance from the dealer.
\section*{Required:}
YOUDECIDE 1. Indicate whether or not each item qualifies as a transaction and should be recorded in the accounting information system. Explain your reasoning.
2. CONCEPTUAL CONNECTION What accounting concept is illustrated by item \(d\) ?