After establishing their company's fiscal year $-$ end to be October $31,$ Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November $1,2022.$ On that date, after the issuance of shares, the paid $-$ in capital section of the company's balance sheet is as follows. Paid $-$ in capital Preferred stock, $$0.50$ noncumulative, no par value, $11,000$ shares authorized, $2,200$ issued $$11,000$ Common stock, no par value,$110,000$ shares authorized, $28,529$ issued $28,529$ Cookie & Coffee Creations then has the following selected transactions during its first year of operations. $2022$ Dec. $1$ Issues an additional $880$ preferred shares to Natalie's brother for $$4,400.2023$ Apr$\mathrm{.}30$ Declares a semiannual dividend to the preferred stockholders of record on May $15,$ payable on June $1.$June $30$ Repurchases $825$ shares of common stock issued to the lawyer, for $$550.$ Recall that these were originally issued for $$825.$ The lawyer had decided to retire and wanted to liquidate all of her assets. Oct. $31$ The company has had a very successful first year of operations. It earned revenues of $$508,750$ and incurred operating expenses of $$407,000($including $$765$ legal fee, but excluding income tax$).31$records income declares a semiannual dividend to the preferred stock holders of record on November $15,$ payable on December $1.$ prepare the journal entries to record the transaction above