Prepare journal entries to record each transaction:
Record the sale of 2,710 shares of $10 par value preferred stock at $14 per share.
Record the declaration of annual cash dividend of $3.20 per share on common stock. There were 8,500 shares of $1 par value common stock issued and outstanding throughout the year.
Record the issue of 2,400 shares of $8.5 par value preferred stock in exchange for a building when the market price of preferred stock was $16 per share.
Record the purchase of 110 shares of preferred stock for the treasury at a price of $13 per share.
Record the sale of 90 shares of the preferred stock held in treasury for $17.5 per share.
Record the issuance of 14% stock dividend on the $1 par value common stock when the market price per share was $35.