Problem 8-29 (Algo) Transaction analysisvarious accounts LO 8-1, 8-2, 8-3, 8-4, 8-6

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Refer to the following transactions.

Sold 5,000 shares of $50 par value 9% preferred stock at par.

Declared the annual dividend on the preferred stock. Purchased 450 shares of preferred stock for the treasury at $55 per share.

Issued 2,500 shares of $3 par value common stock in exchange for land valued at $106,000.

Sold 218 shares of the treasury stock purchased in transaction c for $59 per share. Split the common stock 2-for-1.

Problem 8-29 (Algo) Part 1 - Journal Entry