In 2013 Bill Barnes and several friends organized a corporation called Barnes Communications, Inc. The corporation was authorized to issue 500 ooo shares of $10 par value, 6% cumulative preferred stock and 4000000 shares of $7 par value common stock and issued 120000 preferred shares and 1000000 common shares at the beginning of 2013 at par value. The following transactions (among others) occurred during the 2014: Jan 6 Issued for cash 200000 shares of common stock at $18 per share. The shares were issued to Barnes and 10 other investors. Jan.7 Issued an additional 300 shares of common stock to Barnes exchange for his services in organizing a corporation. The stockholders agreed that these services were worth $7000. Jan.12 Issued 25000 shares of preferred stock for cash of $300000 June 4 Acquired land as a building site in exchange for 150000 shares of common stock. In view of the appraised value of the land and the progress of the company, the directors agreed that the common stocks was to be valued for purposes of this transaction at $15 per share. Aug. 8 The corporation purchased back 100000 of its common shares from market at $13 per share. Nov.15 The annual dividend was declared for all types of shares to be paid December 20. Each common share was paying \$0.4 per share. (Hint: In 2013 no dividends were paid to preferred and common shareholders). Dec. 1 Reissued 60000 of the treasury stock at a price $18 per share. Dec.20 Paid the cash dividend declared on November 15 Dec.31 After the revenue and expenses were closed into the Income Summary account, that account indicated a net income of $1972000. Retained earnings as at December 31,2013 was $250000. Instructions Prepare journal entries in general journal form to record the above transactions. Include entries at December 31 to close the Income Summary to Dividends account