ANSWERS IN THE RED ARE INCORRECT

Stockholders' Equity Transactions-practice --Rhine Inc. Information about Rhine Inc.'s stockholders' equity as of January 1,2026 , is provided below: Rhine is authorized to issue 100,000 shares of $0.01 par, common stock. 37,000 shares are issued and outstanding. Rhine is also authorized to issue 180,000 shares of $12 par, 5%, cumulative preferred stock. 16,000 shares are issued and outstanding. Balances as of January 1, 2026, for selected accounts are as follows: Preferred Stock \$192,000; Additional Paid-In CapitalP/S \$47,000; Common Stock \$370; Additional Paid-In Capital-C/S \$231,000; Treasury Stock-C/S \$0; Additional Paid-In Capital from Treasury Stock $0; Retained Earnings $38,700. Net income for 2026 is $103,500. Required: Journalize the following transactions for Rhine. 1. JE 01 Jan 1 - Rhine issued 2,000 shares of preferred stock for $15 per share. 2. JE 02 Feb 2 - Rhine issued 7,000 shares of common stock for $25 per share. 3. JE 03 Apr 18 - Rhine bought 20,000 shares of (Rhine) common stock (to hold temporarily) for $20 per share. 4. JE 04 Jul 23 - Rhine sold 9,000 shares of treasury stock for $23 per share. 5. JE 05 Aug 31 - Rhine sold 3,000 shares of treasury stock for $17 per share. 6. JE 06 Dec 31 - Rhine's board of directors declared a 9% stock dividend on common stock, distributable on Jan 31. The market value of the common stock on Dec 31 was $21 per share. 7. JE 07 Jan 31 - Rhine distributed the stock dividend declared on Dec 31. Journal Note: Start each entry on a starred row