Item 1: On January 1, 2024, Entity L had 65,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 90,000 shares of common stock for $810,000 June 1 Declared a cash dividend of $1.50 per share June 15 Date of Record for dividend declared on June 1 June 30 Pald the $1.50 cash dividend Dec. 1 Purchased 6,000 shares of common stock for the treasury for $10 per share Instructions: Prepare joumal entries to record the above transactions. Item 2: The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Entity M Corporation at December 31, 2024. Common Stock ( $1 par value, 1,000,000 shares authorked, 300,000 shares issued and ? shares outstanding ). Pald-in Capital in Excess of Par Value-Preferred Stock....... S 300,000 Paid-In Capital in Excess of Par Value-Common Stock. 100,000 Preferred Stock (9%,$100 par, noncumulative, 35,000 shares authorized, 5,000 shares issued and outstanding) Retained Earnings Treasury Stock (3,500 common shares at cost) 2,000,000 Instructions: Prepare the stockholders' equily section of the balance sheet in good form at December 31, 2024. Be sure to Indileate how many shares are authorized, lssued, and outstanding for each class of stock