In January $2020,$ ABC Company was authorized to issue $100,000$ shares of Common Stock, $$1$ par and $50,000$ shares of Cumulative $$50,10\%$ Preferred Stock. The following events occurred during $2020$ and $2021$:

$2020$

Issued $20000$shs Common Stock @ $$8\mathrm{.}00$

Issued $2000$shs Preferred@$$70\mathrm{.}00$

Issued $30000$shs Common@$$9\mathrm{.}00$

Earned $$350000$ Revenue

Paid $$240000$ Expenses

No dividends were declared in $2020$

$2021$

Issued $2500$shs Preferred Stock @$$75$

Purchased $1000$ shs Treasury Stock@$$7$

Earned $$330000$ Revenue

Paid $$220000$ Expenses

Declared Preferred as stated on stock certificate and Common Dividends of $$1$ to stockholders of record on November $30$th to be paid on December $15$th$.$

Required:

Prepare one journal entry to record ABC$$s stock issues and dividends and prepare a stockholders$$ equity section with the correct labels on each account.