The following selected accounts appear in the ledger of Orion Inc. on February 1, 2014, the beginning of the current fiscal year:

Preferred 1% Stock, $40 par (75,000 shares authorized,

45,000 shares issued) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,800,000

Paid-In Capital in Excess of Par—Preferred Stock . . . . . . . . . . . . . . . . 72,000

Common Stock, $12 par (2,000,000 shares authorized,

1,250,000 shares issued) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000

Paid-In Capital in Excess of Par—Common Stock . . . . . . . . . . . . . . . . . 3,750,000

Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,450,000

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

a. Issued 360,000 shares of common stock at $22, receiving cash.

b. Issued 14,000 shares of preferred 1% stock at $43.

c. Purchased 66,000 shares of treasury common for $18 per share.

d. Sold 51,000 shares of treasury common for $21 per share.

e. Sold 10,000 shares of treasury common for $16 per share.

f. Declared cash dividends of $0.40 per share on preferred stock and $0.03 per share on common stock.

g. Paid the cash dividends.

Instructions

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