DQuestion 7 25 pt (TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock: Preferred Stock: 796, par value $100 per share, 100,000 shares. Common Stock: $1 par value, 500,000 shares. The following transactions occurred during the year: 1/19/12 Issued 100,000 shares of common stock for $17 cash per share 1/31/12 - Issued 3,000 shares of preferred stock for $115 cash per share. 11/1/12- Repurchased 30,000 shares of common stock for $22 cash per share. ock purchased on 11/1, at $23 per share. 11/28/12 Resold the remaining 15,000 shares of common stock purchased on 11/1 at $4 per share. 12/1/12 Declared total dividend of common stock only for $95,000. Required 1. Prepare the journal entry for each transaction listed above. 2. In your own words, explain the main differences between common and preferred stock