Question 13 (15 points) ACME Inc. began operations on January 1, 2021. The company was authorized to issue 80,000 $5.50 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 ACME Inc.: January 1 April 13 September 14 December 20 Issued 15,000 common shares at $7.00 each for cash. 7,000 preferred shares and 8,000 common shares were issued at $23.00 and $9.00 respectively, for cash. 1,200 common shares were issued in exchange for equipment with a fair value of $22,000. Declared the required cash dividend on the preferred shares and a $1.80 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).