1. On January 1, 2017, Ostrander Corporation was authorized to issue 150,000 shares of common stock, par value $7 per share, and 40,000 shares of 5 percent cumulative preferred stock, par value $50 per share.

Prepare journal entries to record the following 2017 transactions for Ostrander Corporation:

1.	Issued 60,000 shares of common stock at $12 per share.
2.	Issued 12,000 shares of preferred stock at $56 per share.
3.	Reacquired 2,000 shares of common stock at $12 per share.
4.	Reissued 400 of the treasury shares for $5,200.
5.	Reissued 600 of the treasury shares for $6,000
6.	Declared a cash dividend sufficient to meet the current dividend preference for preferred shareholders and also pay common shareholders $1.00 per share.