Prepare the journal entries necessary to record these transactions-

On Jan 1 2017 the company was formed and was authorized to issue 15,000 shares of $10 par value preferred stock and 40,000 shares of 1$ par value common stock.

On Jan 2, 6,000 shares of preferred stock are sold for cash at $9 per share

On July 2, 2017 the company purchases 1,250 shares of common stock outstanding at $15 per share.

On August 1 2017 the company sells 220 shares of treasury stock at $17 per share.

On September 1 2017 the company sells 500 shares of treasury stock at $12 per share