company isauthorized to issue 100,000 shares of S25 par value, 5%, cumulative, fully participating preferred stock and 500,000 shares of $10 par value common st following selected transactions that occurred during the company's first year of ock. Prepare journal entries to record the operations: Jan. 4 Exchanged 5,00 shares of preferred stock for a building with a market value of Feb. 8 Sold 30,000 shares of common stock for S10 cash per share. Mar. 9 Sold 5,000 shares of preferred stock at $30 cash per share. $150,000. 2. The following selected transactions took place during the current year for a company: March 25 April 20 Dec. 31 Declared a S2 per share cash dividend on 20,000 shares of common Stock outstandin Paid the cash dividends declared on March 25. Closed the $52,000 credit balance in Income Summary that reflects net income to Re Earnings. (a) Prepare the journal entries for these transactions (b) If Retained Earnings had a $75,000 credit balance on January 1, calculate its year-end balance as December 31