The Staples Company had the following transactions occur during 2015:

(a) Issued 8,000 shares of common stock to the founders for land valued at $275,000. Par value of the common stock is $1 per share.

(b) Issued 4,000 shares of $100 par preferred stock for cash at $120 per share.

(c) Sold 2,500 shares of common stock to the company president for $45 per share.

(d) Purchased 750 shares of outstanding preferred stock issued in (b) for cash at par.

(e) Purchased 2,000 shares of the outstanding common stock issued in (a) for $39 per share.

(f) Reissued 400 shares of repurchased preferred stock at $112.

(g) Reissued 500 shares of reacquired common stock for $45 per share.

(h-1) Repurchased 200 shares of the common stock sold in (g) for $43 per share.

(h-2)These same 200 shares were later reissued for $40 per share.

(i) A dividend of $3 per share was declared on outstanding preferred stock.

INSTRUCTIONS: TAKE YOUR TIME, USE T-ACCOUNTS!!!!!!

Prepare the necessary entries for the common stock transactions assuming that the cost method is used for recording treasury stock.

To help yourself, use T accounts so that you can see what is happening.