A. Issued 40% of authorized shares of class A common stock. Stock has a par value of $45 per share and was issued at $62 per share.

B. Issued 40% of authorized shares of no-par class B stock. $60 issue price

C. Issued 30% of authorized shares of preferred stock at par value $125

D. Exchanged 40% of authorized shares at class A common stock for office furniture and equipment with an appraised value of $4,000,000 and motor truck with an appraised value if $10,000,000

E. Earned a net income $2,000,000

F. Declared interim dividends for preferred shareholders as well as $0.80 per share to common stockholders.

4. The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company's charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company's journal entries and statement of owner's equity based on the following information which is grouped according to your first name initial. (Hint!!!! Example first Manuel will use the initial M and that person should only use the info presented in line with the heading with their first name initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade.) A. Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net income to retained earnings. Dividend declared. Close out dividend to retained earnings