Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2023. It is authorized to issue 100,000 shares of $0.60 cumulative preferred shares and 500,000 common shares. The company uses the cash dividends account to keep track of all dividends declared. Part A Required: Prepare journal entries for each of the transactions listed oct. I Issued for cash, 1,eee shares of the preferred shares at 54.70 each. 10 Issued for cash, 49,000 shares of the common shares at $3.50 per share. 15 Earth star purchased land for $185,090, paying cash of $65, 500 and borroving the balance from the bank (to be repaid in two years). 2014,500 preferred shares were issued today for total cash proceeds of $81,635. 24 In addition to the declaration of the annual dividend on the preferred shares, dividends of $26,876 were declared on the contion shares today, payable November 15 , 2023. 31 Revenues of $890,600 were earned during the month; al1 cash. Expenses, al1 cash, totalling $295,060 were incurred in october. Close the Incose Sumary and dividend accounts. Record the issue of preferred shares. 2 Record the issue of common shares. 3 Record the purchase of land in exchange for cash and a note. 4 Record the issue of preferred shares for cash. 5 Record the dividends declared on common and preferred shares. 6 Record the revenues earned. 7 Record the expenses incurred. 6 Record the revenues earned. 7 Record the expenses incurred. 8 Record to close the income summary account. 9 Record to close the cash dividends account, assuming Retained Earnings was not debited directly when dividends were declared