Earth Star Diamonds Inc. began a potentially lucrative mining operation on October $1,2020.$ It is authorized to issue $100000$ shares of $ $0\mathrm{.}60$ cumulative preferred shares and $500000$ 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 $ $5\mathrm{.}60$ each $.10$ Issued for cash $,58,000$ shares of the common stock at $$4\mathrm{.}40$ per share $.15$ Earth star purchased land for $ $194,000,$ paying cash of $ $70,000$ and borrowing the balance from the bank $($ to be repaid in two years $).2019,000$ preferred shares were issued today for total cash proceeds of $ $108,680.24$ In addition to the declaration of the annual dividend on the preferred shares $,$ dividends of $ $26,960$ were declared on the common shares today $,$ payable November $15,2020.31$ Revenues of $$980,000$ were earned during the month ; all cash $.$ Expenses $,$ all cash $,$ totalling $ $340,000$ were incurred in October $.$ Close the Income Summary and dividend accounts $.$