Please provide all of the journal entries required, the following is a template:
Penn company was formed on July 1 2016. It was authorized to issue 300.000 shares of $10 par value common stock, and 100,000 shares of $25 par value preferred stock that carries a $2 annual dividend per share. Pen has a July 1 to June 30 fiscal year. Common Stock 1. 85.000 shares were issued for cash on July 1, 2016. at $31 per share. 2. On July 24, 2016. 5,000 shares were exchanged for a plot of land which cost the seller $70,000 in 2010 and had an estimated fair value of $220,000 on July 24, 2016. 3. 20.000 shares were issued on March 1, 2017, for $42 per share. During the 2018-19 fiscal year, the following transactions regarding common stock took Penn purchased 2,000 shares of its own stock on the open market at $39 11/30/2018 per share. Penn uses the cost method for treasury stock. Penn declared a 5% stock dividend for stockholders of record on January 15, 2019, to be issued on January 31, 2019. Penn was having a 12/15/2018 liquidity problem and could not afford a cash dividend at the time. Penn's common stock was selling at $52 per share on December 15, 2018. Penn sold 500 shares of its own common stock that it had purchased on 6/20/2019 November 30, 2018 for $21,000. Preferred Stock Penn issued 40.000 shares of preferred stock at $44 per share on July 1, 2017. Cash Dividends Penn has followed a schedule of declaring cash dividends in December and June, with payment being made to stockholders of record in the following month. The cash dividends which have been declared since inception of the company through June 30, 2019, are shown below. Declaration Date Common Stock Preferred Stock 12/15/2017 $0.30 per share $1.00 per share 6/15/2018 $0.30 per share $1.00 per share 12/15/2018 $1.00 per share No cash dividends were declared during June 2019 due to the company's liquidity problems. Retained Earnings As of June 30, 2018, Penn's retained earnings account had a balance of $690.000. For the fiscal year ending June 30, 2019. Penn reported net income of $40,000. Pre-2019 transactions: 7/1/2016 7/24/2016 3/1/2017 7/1/2017 12/15/2017 2018-2019 Transactions: 6/15/2018 11/30/2018 12/15/2018 12/15/2018 6/20/2019 Penn company was formed on July 1 2016. It was authorized to issue 300.000 shares of $10 par value common stock, and 100,000 shares of $25 par value preferred stock that carries a $2 annual dividend per share. Pen has a July 1 to June 30 fiscal year. Common Stock 1. 85.000 shares were issued for cash on July 1, 2016. at $31 per share. 2. On July 24, 2016. 5,000 shares were exchanged for a plot of land which cost the seller $70,000 in 2010 and had an estimated fair value of $220,000 on July 24, 2016. 3. 20.000 shares were issued on March 1, 2017, for $42 per share. During the 2018-19 fiscal year, the following transactions regarding common stock took Penn purchased 2,000 shares of its own stock on the open market at $39 11/30/2018 per share. Penn uses the cost method for treasury stock. Penn declared a 5% stock dividend for stockholders of record on January 15, 2019, to be issued on January 31, 2019. Penn was having a 12/15/2018 liquidity problem and could not afford a cash dividend at the time. Penn's common stock was selling at $52 per share on December 15, 2018. Penn sold 500 shares of its own common stock that it had purchased on 6/20/2019 November 30, 2018 for $21,000. Preferred Stock Penn issued 40.000 shares of preferred stock at $44 per share on July 1, 2017. Cash Dividends Penn has followed a schedule of declaring cash dividends in December and June, with payment being made to stockholders of record in the following month. The cash dividends which have been declared since inception of the company through June 30, 2019, are shown below. Declaration Date Common Stock Preferred Stock 12/15/2017 $0.30 per share $1.00 per share 6/15/2018 $0.30 per share $1.00 per share 12/15/2018 $1.00 per share No cash dividends were declared during June 2019 due to the company's liquidity problems. Retained Earnings As of June 30, 2018, Penn's retained earnings account had a balance of $690.000. For the fiscal year ending June 30, 2019. Penn reported net income of $40,000. Pre-2019 transactions: 7/1/2016 7/24/2016 3/1/2017 7/1/2017 12/15/2017 2018-2019 Transactions: 6/15/2018 11/30/2018 12/15/2018 12/15/2018 6/20/2019
