Chart of Accounts Labels and Amount Descriptions General Journal Instructions Andrew Company was incorporated on January 1, 2016, under a corporate charter that authorized the issuance of 50,000 shares of $5 par common stock and 20,000 shares of $100 par 8% preferred stock The following events occurred during 2016. Andrew wants to record the events and develop financial statements on December 31, 2016. a Issued for cash 10,000 shares of common stock at $25 per share and 1,000 shares of preferred stock at $105 per share on January 15, 2016 b. Acquired a patent on Apri 1 in exchange for 2,000 shares of common stock. At the time of the exchange, the common stock was selling on the ocal stock exchange for $32 per share c Repurchased 3,000 shares of common stock on May 1 at $20 per share. The corporation is holding the stock to be used for an employee bonus plan. d Declared a cash dividend of S2 per share to common stockholders and an 8% diidend to preferred stockholders on July 1 The preferred stock s noncumulative, nonparticipating The dividend will be distributed on August 1 e Distributed the cash dividend on August 1