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\mathrm{.}6$ non$-$cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations.

$2523$

Jan. $12$ Issued $40,100$ conmon shares at $$5\mathrm{.}0$ each.

$20$ Issued $8,000$ common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $$38,000.$

$31$ Issued $82,000$ connon shares in exchange for land, building, and equipment, which have fair market values of $$362,000,$ $$482,000,$ and $$50,000,$ respectively.

Mar. $4$ Purchased equipment at a cost of $$8,180$ cash. This was thought to be a special bargain price. It was felt that at least $$11,000$ would normally have had to be paid to acquire this equipment.

Dec. $31$ During $2023,$ the company incurred a loss of $$98,000.$ The Income Summary account was

closed.

$2024$

$3$an$-$

$4$ Issued $7,000$ preferred shares at $$74$ per share.

Dec. $31$ The Income Summary account was closed. Profit for $2024$ was $$218,000.$

$2025$

Dec.

$4$ The company declared a cash dividend of $$0\mathrm{.}32$ per share on the common shares payable on December $18$ and also declared the required dividond on the preferred shares.

$18$ Paid the dividends declared on December $4.$

$31$ Profit for the year ended December $31,2025,$ was $$200,500.$ 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.