Eddie Edwards Limited, a public company, was formed on January $2$ of this year, with the following authorized capital structure:

Preferred shares: No par value, $$1\mathrm{.}00$ per share quarterly cumulative dividend, callable at $103,100,000$ shares

Common shares: Unlimited number of shares

The following selected transactions occurred during the first six months of operations:

January $2$ Sold and issued $100,000$ common shares in exchange for land and building with a combined appraised value of $$2,200,000.$ Sixty percent of the acquisition cost is attributable to the building.

January $3$ Sold and issued $50,000$ preferred shares for $$1,250,000$ cash.

April $1$ Declared the quarterly cash dividend on the preferred shares, payable on April $25,$ and a $5$ percent common stock dividend on all outstanding common shares to be distributed on April $25.$ The market price of the common shares on April $1$ was $$24$ per share.

April $25$ Paid the preferred dividend and issued the common stock dividend that were declared on April $1.$

Required:

$1.$ Prepare journal entries to record the above transactions. $($If no entry is required for