Instruction 1: Rodon & Company had 50,000 shares outstanding on Nov. 30. Record journal entries for the following transactions (explanations are not needed): Dec. 1 Issued 18,000 shares of common stock ($4 par value) for $16 per share. Purchased merchandise inventory on account for $12,549. Sold merchandise inventory, which cost $20,500, on account for $36,600. Received payments on account from customers, $24,190. Purchased furniture at a purchase price of $20,000, by making a cash down payment of $5,000, and signing a 2 year, 6% note for the remainder. Board declared a $2.80 per share dividend, to be paid on Jan. 9 to shareholders of record on Jan. 3. Paid vendors on account, $2,187. Paid the next 6 months rent in advance, $11,400