Brice Company completed the following transactions in Year $1,$ the first year of operation: Issued $48,000$ shares of no$-$par common stock for $$10$ per share. Issued $8,800$ shares of $$20$ par, $7$ percent, preferred stock for $$20$ per share. Paid a cash dividend of $$12,320$ to preferred shareholders. Issued a $10$ percent stock dividend on no$-$par common stock. The market value at the dividend declaration date was $$12$ per share. Later that year, issued a $2-$for$-1$ split on the shares of outstanding common stock. The market price of the stock at that time was $$50$ per share. Produced $$170,000$ of cash revenues and incurred $$80,000$ of cash operating expenses. Closed the revenue, expense, and dividend accounts to retained earnings. b$.$ Record the Year $1$ transactions in general journal form and post them to T$-$accounts.