Date Account Title and Explanation Debit Credit Jan 6 issued common shares for cash > Jan 7 Issued common shares for services Jan 12 issue of preferred shares for cash Jan 14 issued common shares for equipment Nov 15 Dividend declared on preferred shares Dec 20 Recording payment of dividend Dec 31 > Contact To record tax expense and liability In 2020, Pauline and some of her friends invested money to start a company named LADIEZ Corporation. The following transactions occurred during 2020. Jan The corporate charter authorized 77,000 shares of 3%, cumulative preferred shares and unlimited no-par value common shares. 1 Jan 6 Issued 157,000 common shares at $9 per share to Elizabeth and other investors. 6 Jan Issued another 590 common shares to Elizabeth in exchange for her services in organizing the 7 corporation. The shareholders agreed that the services were worth $9,440. Jan Issued 4,200 preferred shares for $336,000. 12 Jan Issued 9,000 common shares in exchange for equipment. The fair market value of the equipment could not be readily determined, but the market price of the common shares on this date was $13 per share. 14 Nov The first annual dividend on preferred shares declared. 15 Dec Paid the dividends declared on preferred shares. 20 Dec Estimated income tax expense of $44,700. 31 LADIEZ Corporation generated a $105,000 (after income tax) during the year. The company uses the retained earnings account to record dividends. a) Prepare the journal entries to record the above transactions in 2020