Aharon Khabieh he following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $80 par (200,000 shares authorized, 65,000 shares issued) $5,200,000 Paid-In Capital in Excess of ParPreferred Stock 360,000 Common Stock, $12 par (3,000,000 shares authorized, 1,400,000 shares issued) 16,800,000 Paid-In Capital in Excess of ParCommon Stock 1,290,000 Retained Earnings 110,900,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: Jan. 5 Issued 220,000 shares of common stock at $15, receiving cash. Feb. 10 Issued 6,000 shares of preferred 2% stock at $94. Mar. 19 Purchased 130,000 shares of treasury common for $19 per share. May 16 Sold 70,000 shares of treasury common for $23 per share. Aug. 25 Sold 40,000 shares of treasury common for $17 per share. Dec. 6 Declared cash dividends of $1.60 per share on preferred stock and $0.14 per share on common stock. 31 Paid the cash dividends. Required: Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.CHART OF ACCOUNTS Upscale Construction Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends