Patti$$s Pumps $($PP$)$ is a new business founded on January $1,2021.$ The Articles of Incorporation authorize

the issuance of a maximum of:

$100,000$ shares of $$0\mathrm{.}01$ par value Class A Common Stock,

$500,000$ shares of $$0\mathrm{.}01$ par value, non$-$voting Class B Common Stock, and

$20,000$ shares of $8\%$ cumulative, participating, $$100$ par value Preferred Stock.

Both shares of Class A Common Stock and Class B Common Stock must receive the same dividends

declared. In addition, the owner of each share of preferred stock must receive the same dollar value of

dividends paid to the owner of each share of common stock.

Record the journal entries for the following transactions.

e$.$ On March $31,2021,$ PP declared and issued a $10\%$ stock dividend to all Class A shareholders.

The fair market value of the Class A stock on this day was $$14.$

f$.$ On April $30,2021,$ PP declared and issued a $40\%$ stock dividend to all Class B shareholders. The

fair market value of the Class B stock on this day was $$12.$

g$.$ On May $31,2021,$ PP paid $$80,000$ to repurchase $5,000$ shares of Class A Common Stock as

treasury stock.

h$.$ On June $5,2021,$ PP sold $3,000$ shares of the treasury stock of Class A Common Stock for $$17$

cash per share.

i$.$ On June $15,2021,$ PP sold $1,000$ shares of the treasury stock of Class A Common Stock for $$11$

cash per share.

j$.$ On December $15,2022,$ PP declared a dividend of $$800,000.$ This is the first dividend that the

Board of Directors of Patti$$s Pumps has ever declared. Calculate how much each class of stock

receives $($Class A Common Stock, Class B Common Stock, and Preferred Stock, separately$)$ and

record the necessary journal entry.

k$.$ On December $31,2022,$ PP paid the dividends declared on Dec $15,2022.$