FAME Corporation is authorized to issue 1,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 5 par value preferred Stock. During 2019, the company has the following stock transactions.

Entry 1 Issued 400,000 common shares of stock at $3 cash per share.

Entry 2 Issued 30,000 preferred shares to purchase a land advertised for sale at $ 300,000. On this day, the preferred stock had a market price of $ 9 per share.

Entry 3 Purchased 10,000 of its common shares from the market for the treasury, when the market price per common share was $ 4.

Entry 4 Sold 2,000 shares of its treasury stock for $ 6 per share.

Entry 5 Issued 10,000 preferred shares for cash, at 10 per share.

Entry 6 Sold 3,000 shares of treasury stock for $ 3 per share.

Entry 7 The Board of Directors declared a total cash dividends of $ 80,000 for all shareholders on record, as of 25 December, 2019 (both preferred and common). Dividends will be paid on 30 December, 2019.

Required:

Prepare journal entries OR a financial statements effects template to record the above transactions.