Requirement 1. Journalize the transactions. (Record debits first, then credits. Explanations are not required.) Apr 2. 18,000 preferred shares were issued at $23.00 per share Journal Entry Debit Date Accounts Credit 414,000 Apr 2 Cash 414,000 Preferred Shares May 1. 26,000 common shares were issued in exchange for a building with a fair value of $650,000 Journal Entry Date Accounts Debit Credit 1 Building 650,000 May Common Shares 650,000 Nov 25. Declared preferred dividends to be paid on December 23. Journal Entry Debit Date Accounts Credit 25 Retained Earnings Nov 98,000 98,000 Dividends Payable Preferred