Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2020. 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 Port A Required: Prepare journal entries for each of the transactions listed. Oct. 1 Issued for cash, 1,000 shares of the preferred shares at $5.30 each 10 Issued for canh 55.000 shares of the common stock at $4.10 per charo 15 Earth star purchased land for $191,000, paying cash of $68,500 and borrowing the balance from the bank to be repaid in two years) 20 17,500 preferred shares were issued today for total cash proceeds of 599,575 24 In addition to the declaration of the annual dividend on the preferred hares, dividends of 526,930 were declared on the common shares today payable November 15, 2020. 31 Revenues of $950,000 were earned during the month all cash. Expenses, all cash, totalling $325,000 were incurred in October close the Income Summary and dividend accounts View transaction list Journal entry worksheet 1 2 5 6 7 8 9 Record the issue of preferred shares View transaction list Journal entry worksheet