I have been stuck on this question for some time now, we have just recently started learning this and I am finding it hard to understand.

Dunkin Donuts Company was granted a charter on January 1 that authorized the following stock: Common stock: $40 par value, 1,000,000 shares authorized Preferred stock: 8 percent; $5 par value; 20,000 shares authorized During the year, the following transactions occurred in the order given: Sold 30,000 shares of the common stock at $60 cash per share and $5,000 shares of the preferred stock at $25 cash per share. b. Issued 4,000 shares of preferred stock when the stock was selling at $30. Repurchased 13,000 shares of the common stock sold earlier. Paid $38 cash per share. Required: 1. Provide the journal entries required to record each of the transactions in (a) through (c). 2. Set up the Stockholders' Equity section of the balance sheet. (IN GOOD FORM)