Jealous Scarf Fashion Design (JSFD) has been operating as a sole proprietorship, but has experienced substantial growth and had decided to go public. The owner of JSFD, Robin, has hired you to be her accountant and needs your help journalizing a variety of transactions, understanding her financial statements, and understanding the managerial accounting aspects of her business.

1. Upon going public, JSFD charter authorized 32,000,000 shares of common stock and JSFDs common stock carries a par value of $1 per share. JSFD has authorization from the state to issue 5,000 shares of preferred stock, which has a par value of $60 per share. JSFD issued the following stock, prepare the necessary journal entries. (CLO2) a. Issued 42,000 shares of common stock at par value b. Issued 6,000 shares of common stock with an issue price of $3 per share c. JSFD purchased 4,000 shares of previously issued common stock, paying $6 per share. d. Issued 2,500 shares of $60 par, 5% preferred stock for $62 per share e. Sold 1,200 of treasury stock for $4 per share f. JSFD declares a $25,000 cash dividend g. JSFD issues 120,000 common stock in exchange for land that costs $120,000.