Journalize the following transactions. Using a journal form is preferred.

On January $1,2025,$ the Amity Island Swimsuit Company had $10,000$ shares of $4\%,$ $$100$ par, cumulative Preferred Stock authorized with $4,000$ shares issued and outstanding. It also had $50,000$ shares of $$3$ par common stock authorized with $15,000$ shares issued and outstanding.

Jan $4$ Sold $8,000$ shares of $$3$ par common stock for $$15$ per share.

Jan $17$ Sold $2,000$ shares of $$100$ par, $4\%,$ cumulative, preferred stock for $$160$ per share.

May $12$ Purchased $1,200$ shares of treasury stock common for $$16$ per share.

Jun $14$ Re$-$issued $300$ of the treasury shares purchased on May $12$ for $$18$ per share.

Jul $18$ Issued $2,000$ shares of common stock in exchange for legal services. The value of the stock at the time of issue was $$17$ per share.

Aug $24$ Purchased equipment with a fair market value of $$120,000$ by paying $$24,000$ in cash, issuing a note payable for $$80,000$ and issuing $800$ shares of common stock.

Oct $7$ Re$-$issued $400$ of the treasury shares purchased on May $12$ for $$14$ per share.

Nov $2$ Declared the annual dividend for the Preferred Stock and a $$1\mathrm{.}75$ per share dividend on the Common Stock to be paid on December $2$ to stockholder's of record on November $30.$ Dividends have been paid in each previous year. $($Prepare two separate journal entries $-$ one for the Preferred Stock dividends and one for the Common Stock dividends.$)$

Dec $2$ Paid the dividend declared on Nov. $2.$

Dec $16$ Declared a $3\%$ common stock dividend to be issued on December $31$ to stockholder's of record on December $20.$ The market value of the stock on December $16$ was $$14$ per share.

e Dec $31$ Distributed the stock dividend shares declared on December $16.$