On 1 January 2017, Fanny and several friends organized a corporation called Markup Limited. The corporation was authorized to issue 100,000 of $100 par value, 5% cumulative preference shares and 100,000 ordinary shares of $1 par value. The following transactions occurred during the year: 7 Jan Issued for cash 30,000 ordinary shares at $10 per share. The shares were issued to Fanny and four other investors. 18 Jan Issued 4,000 preference shares for cash of $500,000 25 Nov Last year Markup did not declare any dividend. In 2017 the board of directors declared to pay $0.1 for each ordinary share. All dividends will be paid out in January 2018 Required: Prepare journal entries to record the above transactions. No explanation is required