1. Earned Net income $1,400,000.00_____. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space)

First Name Initial	Net Income
S	$ 1,400,000.00

2. Declared interim dividends for preferred shareholders as well as $.80 per share to common stockholders.

Using the info above and as a guide:

A. Prepare the journal entries with narrations to record the following:

The issuances of stock.

Close out net income to retained earnings.

Dividend declared.

Close out dividend to retained earnings.