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Preferred stock, $$0\mathrm{.}50$ noncumulative, no par value.

$12,800$ shares authorized, $2,560$ issued

$$12\mathrm{.}800$

Common stock, no par value, $128,000$ shares

authorized, $33\mathrm{.}200$ issued

Cookie & Coffee Creations then has the following selected transactions during its first year of operations.

$2022$

Dec. $1$ Issues an additional $1\mathrm{.}024$ preferred shares to Natalie's brother for $$5,120.$

$2023$

Apr. $30$ Declares a semiannual dividend to the preferred stockholders of record on May $15,$ payable on June $1.$

June $30$ Repurchases $960$ shares of common stock issued to the lawyer, for $$640.$ Recall that these were originally issued for $$960.$ The lawyer had decided to retire and wanted to liquidate all of her assets.

Oct. $31$ The company has had a very successful first year of operations. It earned revenues of $$592\mathrm{.}000$ and incurred operating openses of $$473,600($including $$765$ legal fee, but excluding income tax$).$

$31$ Records income tax expense. The company has a $20\%$ income tax rate$)$

$31$ Declares a semiannual dividend to the preferred stockholders of record on November $15,$ payable on December $1.$

Prepare the journal entries to record the above transactions. $($Credit account tities are outomatically indented when amount is entered Do not indent manually. If no enty is required, select To Entry' for the account tilies and enter O for the amounts. Recond journal entries in the order displayed in the problem statement.$)$

$($To record dividend declared$)$

Prepare the statement of retained earnings for the year. $($List items that increase retained earnings first. If answer is zero, please er a$,$ do not leave any field blank.$)$

COOKIE & COFFEE CREATIONS INC. Statement of Retained Eamings

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Prepare the stockholders' equity section of the balance sheet as of October $31,2023.($Enter occount name only and do not provide descripthe information$)$

$($d$)$

Prepare closing entries for net income and cash dividends. $($Credit account titles are outomatically indented when amount is entered. Do not indent manually II no entry is required, select No Entry" for the account titles and enter Ofor the amounts. Recond joumd entries in the order dilsployed in the problem statement$)$

$($To close Cash Dividends to Retained Earnings$)$

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