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, 1,000 shares of the preferred shares at $4.20 each. 10 Issued for cash, 44,000 shares of the common shares at $3.00 per share. 15 Earth star purchased land for $180,000, paying cash of $63,000 and borrowing the balance from the bank (to be repaid in two years). 2012,000 preferred shares were issued today for total cash proceeds of $66,960. 24 In addition to the declaration of the annual dividend on the preferred shares, dividends of $26,82 were declared on the common shares today, payable November 15 , 2023. 31 Revenues of $840,000 were earned during the month; all cash. Expenses, al1 cash, totalling $270,000 were incurred in october. Close the Income summary and dividend accounts. Journal entry worksheet Journal entry worksheet 4 Note: Enter debits before credits. Journal entry worksheet 1 INote: tnter debits betore credits. Journal entry worksheet RecordthepurchaseofIandinexchangeforcashandanote. Note: Enter debits before credits. Journal entry worksheet 1 Record the issue of preferred shares for cash. Note: Enter debits before credits. Journal entry worksheet