After establishing their company's fiscal year-end to be October 31, Natalie and Curtis began operating Cookie \& Coffee Creations Inc. on November 1, 2024. The company had the following selected transactions during its first fiscal year of operations. The new corporation is authorized to issue 50,000 shares of $1 par common stock and 10,000 shares of no par, $6 cumulative preferred stock. Jan. 1 Issued an additional 800 preferred shares to Natalie's brother for $4,000 cash. Oct. 15 The company had a very successful first year of operations and as a result declared dividends of $28,000, payable November 15, 2025. Oct. 31 The company earned revenues of $472,500 and incurred expenses of $416,500 (excluding income tax). Record income tax expense, assuming the company has a 20% income tax rate. COOKIE \& COFFEE CREATIONS INC. Partial Balance Sheet $ 7.5/15 After establishing their company's fiscal year-end to be October 31, Natalie and Curtis began operating Cookie \& Coffee Creations Inc. on November 1, 2024. The company had the following selected transactions during its first fiscal year of operations. The new corporation is authorized to issue 50,000 shares of $1 par common stock and 10,000 shares of no par, $6 cumulative preferred stock. Jan. 1 Issued an additional 800 preferred shares to Natalie's brother for $4,000 cash. Oct. 15 The company had a very successful first year of operations and as a result declared dividends of $28,000, payable November 15, 2025. Oct. 31 The company earned revenues of $472,500 and incurred expenses of $416,500 (excluding income tax). Record income tax expense, assuming the company has a 20% income tax rate. COOKIE \& COFFEE CREATIONS INC. Partial Balance Sheet $ 7.5/15