Im not sure how to prepare the journal entries and to record the above transactions.

Item 1: On January 1, 2023, Entity L had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 40,000 shares of common stock at $10 per share. June 1 Declared a cash dividend of $1.25 per share to stockholders of record on June 15 June 30 Paid the $1.25 cash dividend Dec. 1 Purchased 3,000 shares of common stock for the treasury for $14 per share Instructions: Prepare joumal entries to record the above transactions. Show your calculations. Instructions: What is tolal stockholders' equity? Prepsre the stockholders' equity section of the balance sheot. You should look at lilus. 11,18 to get a sense of what yours should iook like. Use good fomm, indicating the number of authorized, issued, and outstanding shares for each class of stock. Item 3: A. List two differences between common and preferred stock. B. What is the difference between cumulative preferred stock and non-cumulative preferred stock? C. How are dividends in arrears presented in the financial statements