Prepare the Journal Entries for the items listed below. Be sure to date your entries.
Exhibit 1:
1. On February 1, the company issued 900 shares of 3% Cumulative Preferred Stock for $112 per share. The PAR value of this Preferred Stock is $100 per share.
					2. On May 1, the company issued 2,000 shares of their $10 PAR value Common Stock for $19.50 per share.
										3. On September 1, the company issued an additional 500 shares of their $10 PAR value Common Stock for $20.50 per share.
4. On November 1, the company decided to purchase 200 shares of its Common Stock from shareholders to be held in treasury for Employee Bonuses. The company uses the Cost Method to account for Treasury Stock. They paid $21 per share for the stock.
					5. On December 20, the company declared a Preferred Dividend that totaled $2,700.
										6. The company paid the dividends on December 29, 2018.
					7. The company has asked you to create the journal entry to close the income statement accounts (presented in Exhibit 2) on December 31, 2018.