Chapter 12 - Practice Problem #1 Prepare journal entries for all of the below transactions. 1. July 3, 123 Company issued 75,000 shares of $30 par value Common Stock for $48 cash per share, 2. July 10, 123 Company issued 40,000 shares of 2.5%, $75 par value Preferred Stock for $95 cash per share. 3. July 15, 123 Company declared a $82,500 cash dividend. The date of record for the dividend is August 31 and the payment date is October 15. 4. November 8, 123 Company purchased 25,000 shares of Treasury Stock for $1,250,000 cash. 5. November 15, 123 Company reissued 13,500 shares of Treasury Stock for $55 cash per share, 6. November 30, 123 Company reissued the remaining shares of Treasury Stock for $44.50 cash per share