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Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2020. It is authorized to issue 100,000 shares of $0.60 cumulative preferred shares and 500,000 common shares. The company uses the cash dividends account to keep track of all dividends declared Port A Required: Prepare journal entries for each of the transactions listed. Oct. 1 Issued for cash, 1,000 shares of the preferred shares at $5.30 each. 10 Issued for cash, 55,000 shares of the common stock at $4.10 per share. 15 Earth star purchased land for $191,000, paying cash of $68,500 and borrowing the balance from the bank to be repaid in two years) 20 17,500 preferred shares were issued today for total cash proceeds of $99,575. 24 In addition to the declaration of the annual dividend on the preferred shares, dividends of $26,930 were declared on the common aharos today. payable November 15, 2020. 31 Revenues of $950,000 were earned during the month: all cash. Expenses, all canh, totalling $325,000 were incurred in October. Close the Income Summary and dividend account 1 5,300 October 01, 2020 Cash Preferred shares 5,300 2 October 10, 2020 Cash 20,500 Common shares 20,500 3 October 15, 2020 Land 191,000 Cash 68.500 Based on the transactions in Part A, prepare the balance sheet as at October 31, 2020. EARTH STAR DIAMONDS ING Balance Sheet October 31 2020 Assets Current assets Cash $ 1,006,875 Property, plant and equipment Land 191.000 $ 1,197,875 Total assets Liabilities Current liabilities Preferred shares, 50 60 cumulative, 100,000 shares authorized, 18 500 shares issued and outstanding Common shares, 500,000 shares authorized, 55,000 shares issued and outstanding Non current liabilities Long term nolo payable $ 18,500 26,930 122,500 $ 107,930 Total liabilities Equity Contributed Capital Preferred shares, 50 60 cumulative, 100,000 shares authorized, 18 500 shares issued and outstanding Common shares, 500,000 shares authorized, 55,000 shares issued and outstanding Retained earnings $ 20.500 104 875 579,570