Problem II: (16 points) Corey Inc. had the following transactions occur in 2021 and 2022: On 3/15/21, Corey purchased 1,000 shares of West Corp. stock for $50 per share. West Corp. has 500,000 shares outstanding. On 9/8/21, Corey received a cash dividend of $1.00 per share. On 12/31/2021, the shares had a market value of $48 per share. On 1/20/22, all the shares were sold for $52 per share. (Continued on the next page) 1 Problem II: (continued) Part A: Which type of equity classification is this equity security? (1 pt) Answer: Part B: Prepare Corey's journal entries for the above dates in the journal below. Corey Inc. has a calendar year-end. (15 pts) Important: Although closing entries would be prepared in real life, do not show them as part of this exercise. Reminder: To receive full credit on debt and equity securities entries, any gain or loss should be referenced as either "realized" or "unrealized." Date Debit Credit 3/15/21 9/8/21 12/31/2021 1/20/22