Exercise 10-61 (Algorithmic) Issuing and Repurchasing Stock Redbird, Inc., had the following transactions related to its common and preferred stock: January 15 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. October 1 Repurchased 3,410 shares of the common stock at $20 per share. Required: Prepare the journal entries for the above transactions. Jan. 15 Cash 600,000 Common Stock 25,000 Additional Paid-In Capital-Common Stock Additional Paid-In Capital-Preferred Stock li Preferred Stock 20,000 (Record sale of preferred and common stock) Oct. 1 Treasury Stock 68,200 Cash 68,200 (Record purchase of treasury shares)