1.) Journalize the transactions

2.) Calculate the balance in retained earnings on December 31, 2021. Assume net income for the year was $417,000

3.) prepare stockholders equity section of the balance sheet as of december 31, 2021

Jan. 1 Issued 50,000 shares of $1 par value common stock for a total of $200,000. 10 Issued 20,000 shares of 4%, 53 par value preferred stock in exchange for land with a market value of $70,000. Dec. 15 Declared total cash dividends of $15,000. 20 Declared an 8% common stock dividend when the market value of the stock was $4.50 per share. 31 Paid the cash dividends. 31 Distributed the stock dividend