Earth Star Diamonds Inc. began a potentially lucrative mining operation on October $1,2023.$ It is authorized to issue $100,000$ shares of $$0\mathrm{.}60$ cumulative preferred shares and $500,000$ common shares. The company uses the cash dividends account to keep track of all dividends declared. Part A Required: Prepare journal entries for each of the transactions listed. Oct. $1$ Issued for cash, $1,000$ shares of the preferred shares at $$4\mathrm{.}60$ each. $10$ Issued for cash, $48,000$ shares of the common shares at $$3\mathrm{.}40$ per share. $15$ Earth star purchased land for $$184,000,$ paying cash of $$65,000$ and borrowing the balance from the bank $($to be repaid in two years$).2014,000$ preferred shares were issued today for total cash proceeds of $$78,680.24$ In addition to the declaration of the annual dividend on the preferred shares, dividends of $$26,860$ were declared on the common shares today, payable November $15,2023.31$ Revenues of $$880,000$ were earned during the month; all cash. Expenses, all cash, totalling $$290,000$ were incurred in October. Close the Income Summary and dividend accounts.

Part B Required: Based on the transactions in Part A$,$ prepare the balance sheet as at October $31,2023.$