42) Prepare journal entries for the following transactions. Assume all equity accounts have zero balances before these transactions.

Jan. 15 Sold 3000 shares of common stock with a $1 par value for $40 each share.

Feb. 20 Purchased 500 shares of its own stock at $20 per share.

Mar. 1 Directors declared a $2 per share cash dividend payable on March 31 to the March 15 stockholders of record.

Mar. 31 Paid the dividend declared on March 1.

Oct. 28 Sold 200 shares of its own stock at $25 per share.

Nov. 15 Sold 200 shares of its own stock at $15 per share.