2 Prepare journal entries for each item below. Include a descriptive memo for the journal entry.

A. On January 1, 2013 a corporation was formed with authorization to issue 240,000 shares of $10 par value common stock and 50,000 shares of $100 par value 11% cumulative preferred stock.

B. During 2013: 20,000 shares of the preferred stock was issued at par.

C. During 2013: 140,000 shares of the common stock were sold for $17 per share.

D. January 1, 2015: the company purchased 30,000 shares of its own common stock in the open market for $390,000.

E. On January 1, 2017 the company reissued 16,000 shares of its treasury stock for $272,000. The remaining 14,000 shares were still held in treasury at December 31, 2017.