Question 8 (10 points) On January 1, 2017, the stockholders' equity section of Jayhawk Corporation's balance sheet showed the following $500,000 100,000 Preferred stock, $100 par value, 5%, 50,000 shares authorized, 5,000 shares issued and outstanding Paid in capital in excess of par, Preferred Stock Common stock, $3 par value, 500,000 shares authorized, 20,000 shares issued and outstanding Paid in capital in excess of par, Common Stock Total contributed Capital Retained Earnings Total Stockholders' Equity 60,000 250,000 910,000 320,000 $1,230,000 During the year, 2017, the following transactions occurred: February 2 Issued 600 shares of common stock for $16 per share. April 15 Issued 1,000 shares of preferred stock for $125 per share. September 15 Declared dividends of $60,000 to be paid on October 31, 2017. October 31 Date of Record November 30 Paid the dividends declared on September 15. Required (10 points) Mandatory Prepare journal entries in good form to record the above transactions