1) On January 1, 2024 Shelby Corporation issued 5000 shares, $50 Par, 10% Preferred stock and 20,000 shares, $10 Par, Common stock. On the day of issue the market price of the preferred stock is $30 per share and the market value of the Common stock is $13 per share. During 2024, Shelby Corporation earned $75,000. REQUIRED: A) Prepare the journal entries to record the issue of the Preferred and Common stock assuming on the date of issue the Preferred stock had a market value of $50 per share and the Common stock had a market value of $14 per share. B) Prepare the journal entry to close the Net Income into Retained Earnings C) Prepare the Stockholder Equity Section of the Balance Sheet for Shelby Corporation at December 31, 2024. 2) Deborah Corporation had the following Treasury stock transactions during May 2024. Please record these transactions in journal form. May 5 Purchased 600 shares of its own $2 par value for $18 per share the current market price. May 17 Sold 200 shares of the treasury stock purchased on May 5 for $20 per share. May 21 Sold 200 shares of the treasury stock purchased on May 5 for $18 per share. May 28 Sold the remaining shares of the treasury stock purchased on May 5 for $17 per share. 3) Chrissy (beginning capital, $ 25,000) and Tammy (beginning capital $ 80,000) are partners. During 2024, the partnership earned net income of $125,000, and Chrissy made drawings of $ 15,000 while Tammy made drawings of $ 19,000. Instructions: (a)Assume the partnership income- sharing agreement calls for income to be divided with a salary of $ 30,000 to Chrissy and $ 25,000 to Tammy, interest of 10% on beginning