Presented below is information related to ABC Company: The company is granted a charter that authorizes the issuance of 30,000 shares of $80 par value preferred stock and 60,000 shares of $4 par value common stock. 1/1/20 30,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $800,000. 2/1/20 18,000 shares of preferred stock are sold for cash at $94 per share. 9/1/20 The company repurchases (buys back) 1,600 shares of common stock at a market value $40 per share. 11/1/20 The company sells 1,000 shares of treasury stock at $42. Instructions Prepare the general journal entries necessary to record these transactions.