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Journalize these transactions Dinah Soars, Biff ellington and Duane pipe are the stockholders of Sharpe Incorporate common The charter of the corporation authorized 500,000 shares

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Dinah Soars, Biff ellington and Duane pipe are the stockholders of Sharpe Incorporate common The charter of the corporation authorized 500,000 shares of $5 par 1, 2018, stock, and 100,000 s of $30 par, 3%, preferred stock. As of and 4,000 there were 25,000 shares of common stock issued and outstanding shares of preferred stock issued and outstanding. Selected transaction completed by Sharpe Incorporated during the fiscal year- ending December 31, 2018, are as follows: Jan i Issued 13,000 shares of $5 par common stock at $19, receiving cash Jan 1 Issued 6,700 shares of $30 par, 3%, preferred stock at $69 for cash. Feb 1 Purchased equipment for $220,000, paying $20,000 cash and financing the remainder with a 180-day, 5% note payable. Mar 15 Purchased land for $352,000 by issuing 18,000 shares of common stock. Mar 31 Purchased a two-year insurance policy for $39,000. May 1 Purchased 1,600 shares of the company's own common stock at $23 per share May 31 Issued $1,000,000 of 8-year, 7% bonds with interest payable semiannually. The amount of cash received was si,087,936. July 30 Paid the amount due on the note payable signed on February 1 Aug 1 sold 500 shares of treasury common stock purchased on May 1 for $26 per share. Sept 15 Declared a 2% stock dividend on common stock to be distributed on September 30 to stockholders of record on September 20. The market price per share on September 15 is $26 per share. Sept 30 Distributed the stock dividend declared September 15. Oct 1 Borrowed $36,000 from Second Bank by issuing an 7% note. The note is to be repaid in quarterly payments of principal plus interest totaling $2,130 per quarter. oct 16 sold 370 shares of treasury common stock purchased on May 1 for $20 per share

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