Preferred Stock (7 %, $100 par noncumulative, 4,000 shares authorized) $240,000 Common Stock ($4 stated value, 240,000 shares authorized) 800,000 Paid-in Capital in Excess of Par-Preferred Stock 12,000 Paid-in Capital in Excess of Stated Value-Common Stock 384,000 Retained Earnings 550,400 Treasury Stock (4,000 common shares) 32,000 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,000 shares of common stock for $24,000. Mar. 20 Purchased 800 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Dec. 1 Dec. 31 Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 21 Determined that net income for the year was $225,000. Paid the dividend declared on December 1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit (To close Income Summary and transfer net income to Retained Earnings) (To close Cash Dividends to Retained Earnings) (To record payment of cash dividends payable)