Novak Corporation showed the following information on its financial statements on December $31,2024$:

Preferred Shares, no par value, $$8$ cumulative, $380,000$ shares authorized,

$200,000$ shares issued and outstanding

$$20,000,000$

Common Shares, no par value, unlimited shares authorized,

$430,000$ shares issued and outstanding

$$10,750,000$

The following transactions occurred, in the order given, during $2025$:

$($a$)$ April $15$: Received subscriptions and down payments for $100,000$ common shares at $$30$ per share. The subscription

contracts call for $50\%$ of the subscription price to be paid upon receipt, and the remaining $50\%$ to be paid on June $30.$ In the

event of default on the subscriptions, the company will retain the down payment.

$($b$)$ May $1$: Issued $50,000$ preferred shares at $$125$ per share.

$($c$)$ June $30$: Received payment for $70,000$ of the subscribed common shares; the remaining $30,000$ defaulted. Issued the share

certificates for the appropriate number of shares.

$($d$)$ August $5$: Repurchased and cancelled $30,000$ common shares at a cost of $$18$ per share.

$($e$)$ September $15$: Declared dividends for preferred shares $($dividends had not been paid the previous year$).$ Also declared $$1\mathrm{.}50$

per share dividend for common shares. Both dividends are to be paid on November $1$ to shareholders of record on October $1.$

$($f$)$ If the preferred shares had a $$100$ par value, what would be the journal entry for the May $1$ issuance of preferred shares in

part $($b$)?$

Prepare the journal entries to record the above transactions for Novak Corporation for $2025.($List all debit entries before credit entries.

Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry"

for the account titles and enter $0$ for the amounts. Round average share price to $2$ decimal places for intermediate calculations, e$.$g$.52\mathrm{.}75$ and

final answers to $0$ decimal places, e$.$g$.5,275.)$