q -9

Deline Organization began operations on January 1, 2021. The company was authorized to issue 85,000 $5.00 non-cumulative preferred shares and an unlimited number of common shares. The company's fiscal year end is December 31. The following selected transactions occurred at Deline Organization: January 1 Issued 12,000 common shares at $7.00 each for cash. March 13 8,000 preferred shares and 7,000 common shares were issued at $25.00 and $9.50 respectively, for cash. October 14 1,500 common shares were issued in exchange for equipment with a fair value of $20,000. December 15 Declared the required cash dividend on the preferred shares and a $1.90 per common share cash dividend payable on January 30, 2022 to the shareholders of record of January 20, 2022. Required: Prepare journal entries to record all transactions (including January 2022)