PARTIAL HELP NEEDED

The stockholders equity accounts of Waterway Industries on January 1, 2022, were as follows.

Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized)		$525,000
Common Stock ($10 stated value, 800,000 shares authorized)		1,540,000
Paid-in Capital in Excess of Par ValuePreferred Stock		58,000
Paid-in Capital in Excess of Stated Value Common Stock		800,000
Retained Earnings		750,000
Treasury Stock (8,400 common shares)		67,200

During 2022, the corporation had the following transactions and events pertaining to its stockholders equity.

Mar	1		Issued 6,600 shares of common stock for $85 per share.
June	22		Purchased 1,100 additional shares of common treasury stock at $11 per share.
Sept.	1		Declared a 8% cash dividend on preferred stock, payable October 1.
Oct.	1		Paid the dividend declared on September 1.
Dec.	1		Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.
	31		Determined that net income for the year was $117,000. Paid the dividend declared on December 1.

Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings

Dec. 1 Cash Dividends 93060 Dividends Payable 93060 Dec. 31 Dividends Payable 164320 Cash 164320 (To paid the dividend declared on December 1) Dec. 31 Income Summary 117000 Retained Earnings 117000 (To close net income) Dec. 31 Retained Earnings 93060 Cash Dividends 93060 (To close dividends)