instructions Carmen Company is a corporation that has issued both preferred and common stock. As of January 1. It had 50,000 shares of 2.75%, $100 par, preferred stock outstanding and 250,000 shares of $10 par common stock outstanding, Required: Journalize the following transactions. (a) On January 31, the board of directors issues a requirement to purchase 5,000 shares or its common stock at market price. The shares are purchased at a market price of $22 per share. (b) on March 15, Carmen declares a dividend on preferred stock of $2.75 per sharo. The date of payment is March 31. (c) On December 1, Carmen declares a cash dividend on common stock of $0.12 per share. The date of payment is December 21. to) On December 27, the board orders that 2,500 shares of the treasury stock purchased in (a) be sold. The sale price is $25 per share." "Refer to the Chart of Accounts for exact wording of account titles