Menorah Limited, a public company incorporated in 2008, had the following capital structure at December 31st, 2014.

Preferred shares, cumulative, * no par value, $5 annual dividend - Authorized, Unlimited number $125,000

Issued and outstanding: 2,500 shares at $50 each

Common shares, no par value - Authorized: Unlimited number

Issued and outstanding - 10,000 shares at $25 each 250,000

Contributed capital - retirement of preferred shares 25,000

The company had not paid dividends on the preferred shares in 2013 or 2014

Record the journal entries for the following transactions during the 2017 fiscal year.

January 10 - Paid the dividends required to pay the preferred shareholders their dividends in arrears as well as their dividend entitlement for 2015. The dividend was declared on this date and paid in cash on the date of the declaration. No dividends were paid on the common.

February 2 - Sold 2,000 preferred shares at a price of $47.50 per share and collected the proceeds. The company also sold 2,000 common shares at $30 per share and collected the proceeds.

March 15 - Issued 500 preferred shares to the lawyer for work performed. The legal fees had a value of $15,000. At the time, the shares were valued at $35 per share.

April 16 - Repurchased 1,000 common shares at $30 per share. The shares were retired.

May 5 - Sold 5,000 common shares at a subscription price of $35 per share. Half the proceeds were collected on this date and the remaining amount was to be collected as follows: 50% of the unpaid amount on November 1, 2017 and the remaining amount on December 15, 2017. In accordance with the share subscription agreement, if the purchaser defaulted, the number of shares fully paid for would be issued and any remaining in default would not be issued.

May 28 - The company announced a stock dividend on the preferred shares to be issued on today's date. A 10% dividend was to be paid. The Board of Directors agreed to value the dividend at $52 per preferred she issued.

June 14 - Retired 1500 preferred shares at $68 per share. The shares were cancelled.

June 30 - Repurchased 800 common shares for $52.50 per share and held them in treasury.

July 8 - Sold the 500 common shares held in treasure for $55 per share and collected the proceeds.

September 1 - Declared and issued a 10% common stock dividend payable on today's date to common shareholders of record on today's date. No dividend is to be paid on shares held in treasury. Common shares are to be issued and management has decided that the dividend would be recorded at today's fair market value which is $59.50 per share. Fractional share rights were issued for 1000 shares. These expire on November 30th.

October 3 - The subscriber for the subscription dated May 5 notified Menorah Limited that they would be defaulting on the remaining subscription contract. In accordance with the subscription agreement, Menorah issued the number of shares fully paid for based on the subscription price and removed the subscription receivable from the account.

November 27 - 800 fractional share rights were issued and the remaining 200 expired.

December 12 - Sold 1,500 preferred shares and 2000 common shares for total cash proceeds of $175,000. At this date the preferred shares were selling for $58.50 per shares and the common were selling for $40 per share.