Hammond Manufacturing Inc. was legally incorporated on January 2, 2017. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.2 noncumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2017 Jan. 12 Issued 40,500 common shares at $5.8 each. 20 Issued 4,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $46,000. Issued 90,000 common shares in exchange for land, building, and equipment, which have fair market values of $370,000, $490,000, and $58,000 respectively. Purchased equipment at a cost of $8,260 cash. This was thought to be a s price. It was felt that at least $11,800 would normally have had to be paid to acquire this 31 ecial bargain Mar. 4 equipment 2017, the company incurred a loss of $106,000. The Income Summary account Dec. 31 was closed. 2018 Issued 5,000 preferred shares at $96 per share Jan. 4 Dec. 31 The Income Summary account was closed. Profit for 2018 was $226,000. 2019 Dec. 4 The company declared a cash dividend of $0.22 per share on the common shares payable on December 18 and also declared the required dividend on the preferred shares 18 Paid the dividends declared on December 4. Profit for the year ended December 31, 2019, was $234,900. The Income Summary account was closed. 31 Required: 1. Journalize the transactions for the years 2017, 2018, and 2019. The company does not use a cash dividends account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)