Problem I. ( 30 points), Kingdon Corporation has the following stockholders' equity section at 12/31/20 : The following transactions occurred during 2021: 1/2/21.20,000 shares of preferred stock was issued for $40 a share. 2/15/21. The board declared a 10% common stock dividend, distributable on 3/22/21. The fair market value of the shares on this date was $50. 3/22/21. The stock dividend is distributed. 4/28/21. The company reacquired 20,000 shares of common stock and held in the treasury for $48 a share. 7/6/21. The company re-issued 5,000 shares of treasury stock for $50 a share. 9/20/21. The company re-issued 8,000 shares of treasury stock for $38 a share. 9/30/21. Kingdon Corporation declares a total cash dividend of $50,000, of which $17,600 is for preferred shares, with the remainder allocated to common shares. Record the declaration of the dividend, with a 10/15/21 record date, and 11/2/21 payment date. Be sure to record the preferred lividend and common dividend (if any) in separate liability accounts. 0/15/21. Record date. 1/2/21. Payment date. 2/31/21. Net income of $475,000 is earned for 2021 . Instructions: 1. Prepare the journal entries for Kingdon Corporation for 2021. 2. Post the details to the ledger T-accounts. 3. Prepare the stockholders' equity section at December 31,2021