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, $1.00 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 Declared the quarterly cash dividend on the preferred shares, payable on April 25, and a 5 percent common stock dividend 1 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 i. Required: 1. Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry. required" in the first account field.)