answer q2 only no need for q1

Q1 (10 Marks) Horizon Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Premium Common Stock $200,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions: . Mar. 1 Purchased 5,000 shares at $8 per share. June 1 Sold 1,000 shares at $12 per share. Sept. 1 Sold 2,000 shares at $10 per share. Dec. 1 Sold 1,000 shares at $7 per share. . Horizon Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000. Required: Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income. ... Q2 (10 Marks) The stockholders' equity section of Ajman Corporation at December 31, 2019, included the following: 5% preferred stock, $100 par value, cumulative, 10,000 shares authorized. 8,000 shares issued and outstanding $ 800,000 Common stock, $10 par value, 250,000 shares authorized, 200,000 shares issued and outstanding $2.000.000 Dividends were not declared on the preferred stock in 2019 and are in arrears. On September 15, 2020, the board of directors of Ajman Corporation declared dividends on the preferred stock for 2019 and 2020, to stockholders of record on October 1, 2020, payable on October 15, 2020. On November 1, 2020, the board of directors declared a $.75 per share dividend on the common stock, payable November 30, 2020, to stockholders of record on November 15, 2020. Required: Prepare the journal entries that should be made by Ajman Corporation on the dates indicated below: September 15, 2020 November 1, 2020 October 1, 2020 November 15, 2020 October 15, 2020 November 30, 2020