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. 1 Issued for cash, 1, 8e0 shares of the preferred shares at $4.78 each. 10 Issued for cash, 49,080 shares of the common shares at $3.50 per share. 15 Earth star purchased land for $185, 069 , paying cash of $65,509 and borrowing 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 $26,878 were declared on the common shares today, payable Noventer 15 , 2023. 31 Revenues of $890,000 were earned during the month; a11 cash. Expenses, a11 cash, totalling $295, 069 were incurred in october. Close the Incone Sumnary and dividend accounts. Based on the transactions in Part A, prepare the balance sheet as at October 31, 2023. Liabilities Current liabilities Non-current liabilities: Total liabilities Contributed Capital: Equity Total contributed capital Total equity Total liabilities and equity