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Accounting II Graded Assignment 2 - Chapter 13 Fall 2022 Jake's, Inc. was incorporated on January 2,2020 . The articles of incorporation authorized the issuance of 2,500,000 shares of $2 par value common stock. Partial Chart of Accounts Requirements 1. Utilize the attached general journal form to record the following transactions for Jake's, Inc. Note that this is only the portion of transactions related to stockholder's equity. Jan. 3,2020 Issued 425,000 shares of common stock for $2,975,000 of cash ($7 per share). cash (\$7 per share). April 1, 2021 Directors declared a $1.25 per share cash dividend, payable on April 30,2021 to the April 15,2021 stockholders of record. April 30, 2021 Paid the dividend declared on April 1, 2021. June 30,2021 Purchased 15,000 shares of its own stock for $13 cash per share. Oct. 1, 2021 Directors declared a $1.25 per share cash dividend, payable on October 31,2021 to the October 15,2021 stockholders of record. Oct. 31,2021 Paid the dividend declared on October 1,2021 2. Complete the stockholder's equity section of Jake's, Inc.'s balance sheet at December 31, 2021 using the attached form. Retained Earnings on January 1,2021 were $849,000 and net income for 2021 was $975,000