Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2020 It is authorized to issue 100,000 shares of SO 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, 1,000 shares of the preferred shares at $4.50 each, 10 Issued for cash, 47,000 shares of common stock at $3,30 per share. 15 Earth star purchased land fee $183,000, paying cash of 364,se and beceding the balance from the bank (to be repaid in two years) 20 13,500 preferred shares were issued today for total cash proceeds of $75.05. 24 In addition to the decla tion of the annual dividend on the preferred shares. dividends of $26,850 were declared on the common shares tortay, ayable November 15, 2020. cash, 31 Revenues of $570,000 were earned during the month; all cash. Expenses, totalling $285,000 were incurred in October. Close the Incos Suery and dividend accounts. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the issue of preferred shares.