Problem 1 (40%) The stockholders equity action of Kardashian Corporation balance sheet of December 31, 2018 appears as follows: Contributed Capital: Common Stock - $4 par value, 5,000,000shares authorized, 300,000 shares issued and outstanding $1,200.000 1.600.000 Paid capital in Excess of Par, Common Retained Earnings Total Stockholders' Equity 000.000 $4,800.000 The following transactions occurred in sequence during 2018: Issued 40,000 shares of $100 par value, 10% cumulative preferred stock at par. a. b. Declared a 2 per 1 stock split on oustanding common shares. Bought land valued at $980,000 by using 100,000 shares of common stock. c. d. Declared and issued i 0% stock dividend on common stock issued and outstanding. The market price per share of common on the stock declaration date was $10. e. Repurchased 40,000 shares of stock at $18 per share f. Earned net income of $975,000. g. Declared and paid the full year's dividends on the preferred on the stock and $3 share per share on its outstanding common share. REQUIRED: Make the necessary journal entries for the above transactions