ACCT Chapter ', Homework Journaline the following transactions. You must use a journal form to recelve credit On January 1, 2019, the Amity Island Swimsuit Company had 10,000 shares of5%, $100 par, cumulative Preferred Stock authorized with 4,000 shares issued and outstanding. It also had 50,000 shares of $5 par common stock authorized with 15,000 shares issued and outstanding. Jan 4 Sold 8,000 shares of $5 par common stock for $15 per share. Sold 2,000 shares of $100 par, 5%, cumulative, preferred stock for $160 per share. Jan 17 May 12 Purchased 1,200 shares of treasury stock common for $16 per share. Re-issued 300 of the treasury shares purchased on May 12 for $18 per share. Jun 14 Issued 2,000 shares of common stock in exchange for legal services. The value of the stock at the time of issue was $17 per share Jul 18 Purchased equipment with a fair market value of $120,000 by paying $24,000 in cash, issuing a note payable for $80,000 and issuing 800 shares of $5 par common stock. Aug 24 Oct 7 Re-issued 400 of the treasury shares purchased on May 12 for $14 per Nov 2 Declared $95,000 in dividends to be paid on December 2 to stockholder's Dec 2 Paid the dividend declared on Nov. 2 share. of record on November 30. Dividends have been paid each previous year. Dec 16 Declared a 2% common stock dividend to be issued on December 31 to stockholder's of record on December 20. The market value of the stock on December 16 was $19 per share. Dec 31 Distributed the stock dividend shares declared on December 16