1. On January 1, 2022, the stockholders equity section of Jayhawk Corporations balance sheet showed the following

Preferred stock, $100 par value, 5%, 50,000 shares authorized,
5,000 shares issued and outstanding	$500,000
Additional Paid-in-Capital, Preferred Stock	100,000
Common stock, $3 par value, 500,000 shares authorized,
20,000 shares issued and outstanding	60,000
Additional Paid-in-Capital, Common Stock	250,000
Total Contributed Capital	910,000
Retained Earnings	320,000
Total Stockholders' Equity	$1,230,000

During the year, 2022, the following transactions occurred:

February 2 Issued 2,000 shares of common stock for $22 per share.

April 15 Issued 1,000 shares of preferred stock for $125 per share.

July 10 Repurchased 500 shares of common stock (treasury stock) at $20 per share.

Required:

1. Prepare journal entries to record the above transactions.
2. Assume that net income was $205,000 and dividends of $30,000 were declared and paid. Prepare the stockholders equity section of the balance sheet at December 31, 2022.