Permabilt Corporation was incorporated on January $1,2022,$ and issued the following stock for cash:

$2,000,000$ shares of no$-$par common stock were authorized; $750,000$ shares were issued on January $1,2022,$ at $$35$ per share.

$800,000$ shares of $$100$ par value, $7\mathrm{.}5\%$ cumulative, preferred stock were authorized; $540,000$ shares were issued on January $1,2022,$ at $$105$ per share.

No dividends were declared or paid during $2022$ or $2023.$ However, on December $22,2024,$ the board of directors of Permabilt Corporation declared dividends of $$15,000,000,$ payable on February $12,2025,$ to holders of record as of January $8,2025.$Journal entry worksheet

Note: Enter debits before credits.

Prepare the journal entries to record each of the below transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

The issuance of common stock and preferred stock on January $1,2022.$

The declaration of dividends on December $22,2024.$

The payment of dividends on February $12,2025.$Journal entry worksheet

$1$

$2$

$3$

Record the payment of dividends.

Note: Enter debits before credits.