PROBLEM 1ANALYSIS OF TRANSACTIONS 3 Points each INSTRUCTIONS: Selected transactions are listed below. For each transaction, indicate the account(s) to be debited and credited by inserting in the appropriate column the letter(s) that correspond to the accounts listed below. (Do not record amounts.) ACCOUNTS A. Cash F. Paid-in Capital from Sale of Treasury Stock 1. Preferred Stock B. Cash Dividends G. Paid-in Capital in Excess of Par- J. Retained Earnings C. Cash Dividends Payable Common Stock K. Stock Dividends D. Common Stock H. Paid-in Capital in Excess of Par- L. Stock Dividends Distributable E. Organization Cost Expense Preferred Stock M. Treasury Stock Debit Credit IH TRANSACTIONS 0. Issued 10,000 shares of $10 par preferred stock at $100 per share, receiving cash 1-2. Declared a cash dividend on common stock 3-4. Paid the cash dividend declared in Question 1-2 5-6. Purchased 10,000 shares of own $5 par common stock at $50, paying cash 7-8. Sold 6,000 shares of stock acquired in Question 5-6 at $60, receiving cash 9-10. Declared a stock dividend of 1,000 shares of $5 par common stock; fair market value is $50 per share 11-12. Issued 100 shares of $5 par common stock with a fair market value of $50 per share to an attorney in payment of legal fees for organizing the corporation