Petra Corporation's, widely held, public company. Information about its shareholders equity is as follows:

Petra Co.

Shareholders' equity

December 31, 2019

Preferred shares, no par value, 8% cumulative, 1,000 issued and outstanding$100,000

Common shares, 100,000 authorized, 12,000 issued and outstanding$180,000

Contributed Surplus-common shares$6,000

Contributed Surplus-Preferred shares$50,000

Retained earnings$40,000

Instructions:

Prepare all journal entries for the following transaction (assuming all occurred during 2020):

A) Jan 7, Issued 3,500 common shares at $19 per share for cash

B) Feb 12, Issued 1,000 preferred shares 8% cumulative at $150 each

C) May 8, boughtandcancelled 1000 common shares at $25 per share

D) June 6 Issued 1,500 common shares at $22 per share for cash

E) June 20, boughtandcancelled 2,000 common share at $40 per share