Recording Common and Preferred Stock Transactions Gilmore Company has 20,000 authorized shares of common stock, $2 par, and also 20,000 authorized shares of preferred stock, $10 par. Required Record journal entries for the following separate transactions. Analyze and record each transaction separately. a. On January 1, 2020, Gilmore sold 1,040 shares of common stock and 520 shares of preferred stock for a lump sum of $31,980. The common stock had been selling during the current week at $25 per share, and the preferred at $12 per share. Round amounts to the nearest dollar. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Date Jan. 1, 2020 Cash Common Stock Account Name Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Dr. 12,480 x Cr. 0 2,080 26,000 x 5,200 685 x b. On January 1, 2020, Gilmore issued 468 shares of preferred stock for used equipment. The equipment had been appraised at $6,240, and the book value recorded by the seller was $3,120. A reliable determinable fair value on the preferred stock has not been established. Date Account Name Jan. 1, 2020 Equipment Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Dr. Cr. 0 x 0 0 x 0 x 0 0 c. Assume that the 52,000 shares of preferred stock are callable for $12 per share at the option of the issuer, Gilmore. After issuing 1,300 shares of callable preferred stock on January 1, 2020, for $12, Gilmore recalled 260 shares of preferred stock on June 30, 2020, for $12. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020.