(45 Points) In 2020, Feathers Company was authorized to issue 750,000 shares of $5 par value common stock. A. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations; and B. Prepare the statement of retained earnings as of 12/31/2020.

May 5	Exchanged 220,000 shares of common stock for a building with a market value of $1,350,000.
July 20	Sold 155,000 shares of common stock for $15 cash per share.
Dec. 20	Sold 100,000 shares of common stock at $17 cash per share.
Dec. 25	Paid cash dividends of $1 per share
Dec. 31	Recorded net income of $250,000 and closed the income summary and dividends accounts

a. Feathers Company Journal entries

DATE	GENERAL JOURNAL	DEBIT $	CREDIT $

b. .