please fill in and explain the following!

Take me to the text On September 1, 2020, Tasty Mice Inc declared $217,000 of dividends payable to shareholders on September 15, 2020. There are 29,700 common shares and 2, 100, $5 cumulative preferred shares. No new shares were issued during the year and dividends were last declared in 2017. Tasty Mice Inc. had retained earnings of $2,818,000 at the beginning of 2020 and earned a net income of $778,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on September 28, 2020 The company uses the cash dividends account to record dividends. Do not enter dollar signs or commas in the input boxes, Round all answers to the nearest whole dollar. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Debit Credit Date Account Title and Explanation . X Sep 1 Cash Dividends-Common Cash Dividends-Preferred, cumulative 217000 Dividends Payable Record dividend payable 217000 Sep 28 Dividends Payable Cash 217000 Record payment of dividend declared on Sep 1 Take me to the text In 2020, Pauline and some of her friends invested money to start a company named FRIENDZ Corporation. The following transactions occurred during 2020. Jan The corporate charter authorized 64,000 shares of 3%, cumulative preferred shares and unlimited no-par 1 value common shares. Jan Issued 183,000 common shares at 513 per share to Elizabeth and other investors. 16 Jan Issued another 420 common shares to Elizabeth in exchange for her services in organizing the 7 corporation. The shareholders agreed that the services were worth $8,400. jan Issued 4,500 preferred shares for $225,000. 12 Jan Issued 12,000 common shares in exchange for equipment. The fair market value of the equipment could 14 not be readily determined, but the market price of the common shares on this date was $15 per share. Nov The first annual dividend on preferred shares declared. 15 Dec Paid the dividends declared on preferred shares. 20 Dec Estimated income tax expense of $31,300. 31 FRIENDZ Corporation generated a 5109,000 (after income tax) during the year. The company uses the retained earnings account to record dividends. a) Prepare the journal entries to record the above transactions in 2020. Do not enter dollar signs or commas in the input boxes Date Account Title and Explanation Debit Credit Jan 6 Cash 2379000 Common Shares 2379000 Issued common shares for cash Jan 7 Organization Costs 8400 Common Shares 8400 Issued common shares for services Jan 12 Cash 225000 Preferred Shares e 225000 issue of preferred shares for cash 225000 Jan 12 Cash 225000 Preferred Shares issue of preferred shores for cash 180000 Planta Equipment 180000 Common Shares Issued common shares for equipment x Nov 15 - 109000 Reta ned Earnings 3270 Dividends Payable Didend declared on preferred shares Dec 20 X Dividends Payable -3270 109000 Cash Recording payment of dividend Dec 31 Income Tax Experse 31300 . 31300 Income Tax Payable To record lax expense and loty Prepare the statement of retained earnings for the year ended December 31, 2020. FRIENDZ Corporation Calculation of Retained Earnings For the Year Ended December 31, 2020 Opening Balance Add: Net Income 109000 Less: Cash Dividends - Preferred 6976 X Balance - December 31, 2020 Prepare the shareholders equity section of the balance sheet as at December 31, 2020 FRIENDZ Corporation Balance Sheet (Partial) December 31, 2020 Shareholders Equity Contributed Capital Preferred Shares, 3 cumulative 64,000 authorized, 4500 issued and outstanding Common Shares un imited authorized, 195,420 issued and outstanding b) Prepare the statement of retained earnings for the year ended December 31, 2020. FRIENDZ Corporation Calculation of Retained Earnings For the Year Ended December 31, 2020 Opening Balance Add: Net Income 109000 Less: Cash Dividends - Preferred 6976 X Balance - December 31, 2020 Prepare the shareholders' equity section of the balance sheet as at December 31, 2020. FRIENDZ Corporation Balance Sheet (Partial) December 31, 2020 Shareholders' Equity Contributed Capital Preferred Shares, 3% cumulative, 64,000 authorized, 4,500 issued and outstanding Common Shares, unlimited authorized, 195,420 issued and outstanding Total Contributed Capital Retained Earnings Total Shareholders' Equity