Blue Corporation has the following capital structure at January 1, 2022, the beginning of the year: Retained earnings 5% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding Paid-in capital in excess of par- common Common stock, $10 par value, 60,000 shares authorized, 40,000 shares issued and outstanding Instructions 440,000 300,000 110,000 400,000 a. Record the following transactions which occurred consecutively during 2022. Include a brief explanation for each transaction and show all calculations for partial credit. 1. A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock as separate liability accounts. Account Debit Credit 2. During the year, the firm purchased 1,000 shares of common stock as treasury stock for $17 per share. Treasury stock is reported at cost. Account Debit Credit