Prelow Ltd has authorized shares at January 1, 2020 of 100,000 ordinary shares with a par value of $20 per share, 50,000 and 5% cumulative, non-participating preference shares with a par value of $50 per share.80% of the ordinary shares were sold for $30 per share and 20% for $35 along with the preference shares at par at January 1, 2020. Dividends of $120,000 were declared at December 31, 2020. The dividends were paid on January 1, 2021.

oshow the journal entries at January 1, 2020

oshow the journal entries at December 31, 2020