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I need help on the sections i got incorrect The stockholders' equity accounts of Flounder Corp. on January 1.2022 were as follows. Preferred Stock (7%,

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I need help on the sections i got incorrect
The stockholders' equity accounts of Flounder Corp. on January 1.2022 were as follows. Preferred Stock (7%, $100 par noncumulative. 7.500 shares authorized) $450,000 Common Stock (54 stated value, 450,000 shares authorized) 1,500,000 Paid-in Capital in Excess of Par Value-Preferred Stock 22,500 Paid-in Capital in Excess of Stated Value - Common Stock 720,000 Retained Earnings 1,032,000 Treasury Stock (7.500 common shares) 60,000 1 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. Issued 7,500 shares of common stock for $45.000, Mar. 20 Purchased 1,500 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock payable November 1. Paid the dividend declared on October 1. Dec Declared a $0.50 per share cash dividend to common stockholders of record on December 15. payable December 31, 2 Determined that net income for the year was $420.000. Paid the dividend declared on December 1. Oct. 1 Nov. 1 1 Dec 31 Your answer is partially correct. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 45000 Common Stock 30000 Pald-in Capital in Excess of Par Value-Common Stock 15000 Mar. 20 Treasury Stock 10500 Cash 10500 Oct. 1 Cash Dividends 31500 Oct. 1 Cash Dividends 31500 Dividends Payable 31500 Nov. 1 Dividends Payable 31500 Cash 31500 Dec. 1 Cash Dividends 186750 Dividends Payable 186750 Dec 31 Dividends Payable 186750 Cash 186750 (To record net income) Dec. 31 Retained Earnings 218250 Cash Dividends 218250 (To record net income) Dec. 31 Retained Earnings 218250 Cash Dividends 218250 (To close cash dividends) Dec 31 Income Summary 420000 Retained Earnings 420000 (To record payment of cash dividends payable)

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