Hammond Manufacturing Inc. was legally incorporated on January 2, 2023. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.1 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2023 Jan. 12 Issued 40,450 common shares at $5.7 each. 20 Issued 3,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $45,000. 31 Issued 89,000 common shares in exchange for land, building, and equipment, which have fair market values of $369,000,$489,000, and $57,000, respectively. Mar. 4 Purchased equipment at a cost of $8,250 cash. This was thought to be a special bargain price. It was felt that at least $11,700 would normally have had to be paid to acquire this equipment. Dec. 31 During 2023 , the company incurred a loss of $105,000. The Income summary account was closed. 2024 Jan. 4 Issued 4,000 preferred shares at $95 per share. Dec. 31 The Income Summary account was closed. Profit for 2024 was $225,000. 2025 Dec. 4 The company declared a cash dividend of $0.12 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. 31 Profit for the year ended December 31 , 2025, was $230,565. The Income Summary account was closed. Required: 1. Journalize the transactions for the years 2023,2024 , and 2025 . The company does not use a cash dividends account