LPC's board of directors declared a dividend of $1.00 per share to the holders of the company's common shares. Required: Prepare all necessary journal entries related to the above transactions. Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2016. During its first year, the following transactions occurred: Issued common shares for $200,000 cash. Purchased $475,000 of inventory on account. Sold inventory on account for $640,000. The original cost of the inventory that was sold was $380,000. Collected $580,000 from customers on account. Paid $430,000 to suppliers for the inventory previously purchased on account. Bought a delivery vehicle for $36,000 cash. Paid $26,000 for rent, including $2,000 related to the next year. Incurred $20,000 of operating expenses, of which $18,000 was paid. Recorded $2,000 of depreciation on the vehicle. Declared and paid dividends of $6,000. Required: Prepare journal entries to record each of the above transactions. Create T accounts and post the journal entries to the T accounts. Prepare a December 31, 2016, trial balance