Question 1 of 5 View Policies Current Attempt in Progress -/1 E After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2022. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capital Preferred stock, $0.50 noncumulative, no par value, 8,800 shares authorized, 1,760 issued $8,800 Common stock, no par value, 88,000 shares authorized, 22,820 issued 22,820 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. 2022 Dec. 1 2023 Apr. 30 June 30 Issues an additional 704 preferred shares to Natalie's brother for $3,520. Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. Repurchases 660 shares of common stock issued to the lawyer, for $440. Recall that these were originally issued for Question 1 of 5 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. 2022 Dec. 1 Issues an additional 704 preferred shares to Natalie's brother for $3,520. -/1 E 2023 Apr. 30 June 30 Oct. 31 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. Repurchases 660 shares of common stock issued to the lawyer, for $440. Recall that these were originally issued for $660. The lawyer had decided to retire and wanted to liquidate all of her assets. The company has had a very successful first year of operations. It earned revenues of $407,000 and incurred operating expenses of $325,600 (including $765 legal fee, but excluding income tax). 31 31 Records income tax expense. (The company has a 20% income tax rate.) Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. (a) Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order displayed in the problem statement.) MacBook Air