Eddle 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 comblned appratsed value of $$2,20,009.$ 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.

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

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

Required:

Prepare journal entrles to record the above transactions. $($if no entry is required for a transaction$/$evert$,$ select $"$No journal entry requlred" In the first account fleld.$)$

$1.$record purchase of land and building in exchange for common shares

$2.$record sold and issued preferred shares for cash

$3.$record Declared quartely dividends on preferred shares and $5$ percent common stock dividend

$4.$ Record paid dividends on preffered shares and issued the common stock dividend