Share transactions, dividend distribution, balance sheet, closing L02, 3, 4, 5, 6 CHECK FIGURES: B. Total assets = $989, 400; Total equity = $892, 920 Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2017. It is authorized to issue 100,000 shares of $0.60 cumulative preferred shares and 500,000 common shares. Part A Required Prepare journal entries for each of the transactions listed. Oct. 1 Issued for cash, 1.000 shares of the preferred shares at $4.80 each. 10 Issued for cash, 50,000 shares of the common stock at $3, 60 per share. 15 Earth star purchased land for $186,000, paying cash of $66,000 and borrowing the balance from the bank (to be repaid in two years). 20 15,000 preferred shares were issued today for total cash proceeds of $84, 600. 24 In addition to the declaration of the annual dividend on the preferred shares, dividends of $26, 880 were declared on the common shares today, payable November 15. 2017. 31 Revenues of $400,000 were earned during the month; all cash, Expenses, all cash, totalling $300,000 were incurred in October. Close the Income Summary and dividend accounts. Part B Required Based on the transactions in Part A, prepare the balance sheet as at October 31, 2017