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{.}40$ non$-$cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations:

$2023$

Jan. $12$ Issued $40,090$ common shares at $$4\mathrm{.}80$ each.

$20$ Issued $6,000$ common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $$36,000.$

$31$ Issued $80,000$ common shares in exchange for land, building, and equipment, which have fair market values of $$360,000,$$$480,000,$ and $$48,000,$ respectively.

Mar. $4$ Purchased equipment at a cost of $$8,160$ cash. Thi$$ was thought to be a special bargain price. It was felt that at least $$10,800$ would normally have had to be paid to acquire this equipment.

Dec. $31$ During $2023,$ the company incurred a loss of $$96,000.$ The Income Summary account was closed.

$2024$

Jan. $4$ Issued $5,000$ preferred shares at $$72$ per share.

Dec. $31$ The Income Summary account was closed. Profit for $2024$ was $$216,000.$

$2825$

Dec. $4$ The company declared a cash dividend of $$0\mathrm{.}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 $$192,000.$ The Income Summary account was closed.

Required:

Journalize the transactions for the years $2023,2024,$ and $2025.$ The company does not use a cash dividends account