Record the following 2018 transctions for the Sears Corporation in the journal. Additional information you will need: when Sears began operations several years ago, they were authorized to issue 200,000 shares of 7%, $100 par value preferred stock and 6,000,000 shares of $4 par value common stock.

Jan. 1 Issued 500,000 shares of common stock for cash at $11 per share.

Feb. 2 Issued 30,000 shares of preferred stock for cash at $105 per share.

Mar. 3 Declared a cash dividend on the preferred stock $385,000.

Apr. 4 Discovered a $13,000 overstatement of 2015 depreciation.

May 5 Paid the cash dividend declared of March 3.

June 6 Issued 4,000 shares of common stock for land that was advertised for sale at $51,000. The stock market price of the stock is $15 per share.

Sept. 9 Sears purchased 8,000 shares of its own common stock at $14 per share.

Oct. 10 Sold 3,000 shares of treasury stock for $18 per share

Nov. 11 Declared a $0.60 cash dividend per share on common stock for a total of $896,400.

Dec. 31 Record the net income for the year, $950,000.