Prepare Journal entires for the following

Monsoon Company carried out the following transactions related to its common and preferred shares. Year 1 January 1: Issued 8,000 common shares for $20 each. January 1: Issued 2,000 cumulative preferred shares for $30 each. The preferred shares pay a yearly dividend of $1.00 per share. February 7: Issued 2,000 common shares for a small parcel of land. The land has an appraised value of $42,000. November 30: Declared a dividend of $4,000 to be paid December 31. December 31: Paid the dividend declared on November 30. Year 2: January 1: Issued 3,000 cumulative preferred shares for $80 each. They pay a yearly dividend of $1.50 per year. March 30: Issued 20,000 common shares for $22 each No dividends were declared during Year 2. Year 3 November 30: Declared a dividend of $15,000 to be paid December 31. December 31: Paid the dividend declared on November 30. Year 4 September 30: Declared a 10% common stock dividend to be distributed on October 31. On that date, the common shares were trading for $20. October 31: Distributed the common stock dividend. November 10: Reacquired 1,000 common shares for $19 each