During its first year of operations, Company A entered into the following transactions relating to shareholders' equity. The board of directors authorized the issue of 8 million common shares, $2 par per share, and $5 million preferred shares, $20 par per share.

March 20 Sold 3 million common shares, for $12 per share.

March 21 Sold 90,000 of its common shares and 4,000 preferred shares for a total of $1,240,000.

Oct. 30 Issued 80,000 common shares to Law Firm B as compensation for 3,000 hours of legal services performed. Law Firm B's usual rate is $250 per hour.

Nov. 15 Retired 425,000 common shares at $9 per share.

Required: Prepare the appropriate journal entries to record each transaction.