PLEASE HELP WITH THE RED! After establishing their company's fiscal year$-$end to be October $31,$ Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November $1,2022.$ On that date, after the issuance of shares, the paid$-$in capital section of the company's balance sheet is as follows.

Paid$-$in capital

Preferred stock, $$0\mathrm{.}50$ noncumulative, no par value,

$12,800$ shares authorized, $2,560$ issued

$$12,800$

Common stock, no par value, $128,000$ shares

authorized, $33,200$ issued

$33,200$

Cookie & Coffee Creations then has the following selected transactions during its first year of operations.

$2022$

Dec. $1$ Issues an additional $1,024$ preferred shares to Natalie's brother for $$5,120.$

$2023$

Apr. $30$ Declares a semiannual dividend to the preferred stockholders of record on May $15,$ payable on June $1.$

June $30$ Repurchases $960$ shares of common stock issued to the lawyer, for $$640.$ Recall that these were originally issued for $$960.$ The lawyer had decided to retire and wanted to liquidate all of her assets.

Oct. $31$ The company has had a very successful first year of operations. It earned revenues of $$592,000$ and incurred operating expenses of $$473,600($including $$765$ legal fee, but excluding income tax$).$

$31$ Records income tax expense. $($The company has a $20\%$ income tax rate.$)$

$31$ Declares a semiannual dividend to the preferred stockholders of record on November $15,$ payable on December $1.$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[22],[$Dec$.1,$Cash,,$],[$Preferred Stock,,$],[23],[$Apr$.30$ Y$,$Cash Dividends,,$],[$Dividends Payable,,$],[$June $1,$Dividends Payable,$1792,],[$Cash$,,1792],[$June $30,$Treasury Stock,$640,],[$Cash$,,640],[$Oct$.31,$Income Tax Expense,$23800,],[,$Income Taxes Payable,$55,23800]]$

$($To record income tax expense$)$

$($To record dividend dec$)$