1. Alexander Inc. was organized and authorized to issue 5,000 shares of $100 par value, 7% percent preferred stock and 50,000 shares of $8 par value common stock on July 1, 2013.

July 1 Issued 10,000 shares of common stock at $11 per share

July 1 Issued 300 shares of common stock at $11 per share for services rendered in connection with the organization of the company

July2 Issued 1,000 shares of preferred stock at par value for cash

July 10 Issued 3,000 shares of common stock for land on which the asking price was $75,000. Market value of the stock was $10. Management wishes to record the land at full market value of the stock.

Aug 10 Declared a cash dividend for one month on the outstanding preferred stock and $0.02 per share on common stock outstanding, payable on Aug 22 to stockholders of record on Aug 12.

Aug 12 Date of record for cash dividends

Aug 22 Paid cash dividends

2. Prepare in journal form the entries necessary to record the following stock transactions of the Franklin Services, Inc. during 2013.

June 1 Purchased 2,000 shares of its own $15 par value common stock for $35 per share, the current market price.

June 10 Sold 500 shares of treasury stock purchased on June 1 for $40 per share.

June 20 Sold 700 shares of treasury stock purchased on June 1 for $29 per share.