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After establishing their company's fiscal year - end to be October 3 1 , Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on

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.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).31records 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

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