Prepare the journal entries to record each of the below transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. The issuance of common stock and preferred stock on January 1, 2016 2. The declaration of dividends on December 17, 2018 3. The payment of dividends on February 9, 2019. Required Information Problem 8-24 Common and preferred stock-issuances and dividends LO 1, 2 iew transaction list Journal entry worksheet The ollowing inforato applies to the questions displayed beiow Permabilt Corp was incorporated on January 1, 2016, and issued the follawing stock for cash Record stock Issuances. . 1,900,000 shares of no-par common stock were authorized; 321,000 shares were Note: Enter debits before credits. ssued on January 1, 2016, at $34 per share. 445,000 shares of $100 par value, 9.50% cumulative, preferred stock were authorized, and 144,000 shares were issued on January 1, 2016, at $140 per share. Date General Journal Debit Credit * anuary 01, 2016 Cash 10,914,000 Common stock 10,914,000 . Net income for the years ended December 31, 2016, 201, and 2018, was S4.620,000, S7070,000, and $9.500000, respectively. . No dividends were declared or paid during 2016 or 2017. However, on December 17 2018, the board of directors of Permabilt Corp. declared dividends of $5,670.000 payable on February 9, 2019, to holders of record as of January 4, 2019. Record entry Clear entry View general journal