b) (45 Points) In 2020, Feathers Company was authorized to issue 750,000 shares of $5 par value common stock. A. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations; and B. Prepare the statement of retained earnings as of 12/31/2020. May 5 July 20 Dec. 20 Dec. 25 Exchanged 220,000 shares of common stock for a building with a market value of $1,350,000. Sold 155,000 shares of common stock for $15 cash per share. Sold 100,000 shares of common stock at $17 cash per share. Paid cash dividends of $1 per share Recorded net income of $250,000 and closed the income summary and dividends accounts Dec. 31 a. DATE GENERAL JOURNAL DEBIT CREDIT