Carlyon Company listed the following items in its December 31, 2015, financial statements: During 2016, the following transactions occurred: Feb. 2 Paid the semiannual dividends declared on December 15, 2015. Mar. 5 Declared a properly dividend, payable to common shareholders on April 5 in Man Company bonds being held to maturity. The bonds (which have a book value of $25,000) have a current market value of $31,000. Apr. 5 Paid the property dividend. July 6 Declared a $4 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17. Aug. 17 Paid the cash dividends. Oct. 15 Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share. Dec. 3 Issued the stock dividend. 28 Declared a $4 and $1.20 per share semiannual cash dividend on preferred and common stock respectively, to be paid on February 15, 2017. Required: Next Level Prepare Journal entries to record the preceding transactions. Prepare journal entries to record the 2016 transactions. How does grading work