The following selected accounts appear in the ledger of Company. on January 1,
Preferred 8% Stock, $80 par (15,000 shares authorized, 5,000 shares issued)		$ 400,000
Paid-in Capital in Excess of Par - Preferred Stock				$ 40,000
Common Stock, $10 par (50,000 shares authorized, 20,000 shares issued)		$ 200,000
Paid-in Capital in Excess of Par - Common Stock					$ 400,000
Retained Earnings							$ 80,000

Journalize:

Issue of 3,000 share of common stock at $25, receiving cash

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	Date	Description	Post	Debit	Credit
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3							3

Purchased 2,000 shares of treasury common for $40,000

GENERAL JOURNAL	Page
	Date	Description	Post	Debit	Credit
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2							2
3							3

Sold 510 shares of treasury common for $11,220

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	Date	Description	Post	Debit	Credit
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2							2
3							3

Sold 180 shares of treasury common for $3,420

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	Date	Description	Post	Debit	Credit
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2							2
3							3

Declared a cash dividend of $6.40 per share on preferred stock and $1 per share on common stock

GENERAL JOURNAL	Page
	Date	Description	Post	Debit	Credit
1							1
2							2