could you explain the journal entry answers for 5,6, and 7?

o A BE hal AP-14A (Share issuance, dividends, financial statement preparation) cumulative non-voting preferred shares with an authorized limit of 50,000 The Equitee Corporation was incorporated on January 2, 2010, with two classes of the capital inlimited number of common shares and During the first year of operations, the following transactions ord: 1. The company inted 3.000 preferred shares for a total of $75.000 h, and 10.2000 commentform 2. It issued 4.000 common shares in exchange for a parcel of land with an estimated for market value of $100,000 3. The company had sales of $1,090,000 and incurred operating expenses of 1995.000 during the year 4. No dividends were declared during the first year of operations During the second year of operations, the following transactions entred: 5. In November, the company's board of directors declared cash dividends sufficient to pay a dividel of Sonali come share. The dividends were payable on December 14. (Hint: Remember that no dividends can be paid on the common shares intil the dividends in arms and the current dividends on the preferred shares are paid.) 6. In December, the cash dividends from November were paid 7. In December, the board of directors declared and distributed a 10% stock dividend on the common shares. The estimated market value of the common shares at the time was $24 per share. 8. The company had sales of $1,200,000 and incurred $1.095.000 in operating expenses during the second year, Thcome Summary Retained Earnings 125,000 125,000 Year 2 5. Dividends Declared - Preferred Shares Dividends Payable (3,000 x $3.00) + (3,000 x $3.00) 18,000 18,000 Dividends Declared - Common Shares Dividends Payable (14,000 x $4.00) 56,000 56,000 6. Dividends Payable Cash 74,000 74,000 7. Stock Dividends Declared Stock Dividends Issuable (14,000 x 10% x $24.00) 33,600 33,600 Stock Dividends Issuable Common Shares 33,600 33,600 8. Sales Revenue Income Summary 1,200,000 1,200,000 Income Summary 1,025,000 4 AAAAA D Focus o QO