The following selected accounts appear in the ledger of Kingfisher Environmental Corporation on March 1, 2007, the beginning of the current fiscal year:

Preferred 2% Stock, $75 par (10,000 shares authorized, 8,000 shares issued) .....$ 600,000

Paid-In Capital in Excess of Par—Preferred Stock ................100,000

Common Stock, $10 par (50,000 shares authorized, 35,000 shares issued) ......350,000

Paid-In Capital in Excess of Par—Common Stock ..................85,000

Retained Earnings ............................1,050,000

During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:

a. Issued 7,500 shares of common stock at $24, receiving cash.

b. Sold 800 shares of preferred 2% stock at $81.

c. Purchased 3,000 shares of treasury common for $66,000.

d. Sold 1,800 shares of treasury common for $50,400.

e. Sold 750 shares of treasury common for $14,250.

f. Declared cash dividends of $1.50 per share on preferred stock and $0.40 per share on common stock.

g. Paid the cash dividends.

Instructions

Journalize the entries to record the transactions. Identify each entry by letter.