! Required information [The following information applies to the questions displayed below.] Brice Co. completed the following transactions in Year 1, the first year of operation: 1. Issued 42,000 shares of no-par common stock for $10 per share. 2. Issued 8,200 shares of $20 par, 6 percent, preferred stock for $20 per share. 3. Paid a cash dividend of $9,840 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $12 per share. 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $50 per share. 6. Produced $150,000 of cash revenues and incurred $74,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. b. Record the Year 1 transactions in general journal form and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 Issued 42,000 shares of no-par common stock for $10 per share. 2 Issued 8,200 shares of $20 par, 6 percent, preferred stock for $20 per share. 3 Paid a cash dividend of $9,840 to preferred shareholders. 4 Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $12 per share. 5 Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $50 per share. 6 Produced $150,000 of cash revenues. 7 Incurred $74,000 of cash operating expenses. 8 Closed the revenue, expense, and dividend accounts to retained earnings. Cash Retained Earnings Beg. Bal Beg. Bal End. Bal End. Bal Dividends Preferred Stock Beg. Bal Beg. Bal End. Bal End. Bal Service Revenue Operating Expenses Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Beg. Bal End. Bal