McNichols Corp. reports the following transactions relating to its stock accounts.

Jan. 15  Issued 25,000 shares of $5 par value common stock at $17 cash per share.

Jan. 20  Issued 6,000 shares of $50 par value, 8% preferred stock at $78 cash per share.

Mar. 31  Purchased 3,000 shares of its own common stock at $20 cash per share.

June 25  Sold 2,000 shares of the treasury stock at $26 cash per share.

July 15   Sold the remaining 1,000 shares of treasury stock at $19 cash per share.

a. Using the financial statement effects template, illustrate the effects of these transactions.

b. Prepare the journal entries for these transactions.

c. Post the journal entries from b to the related T-accounts.