The balance sheet of Trusty Rusty Incorporated included the following shareholders' equity accounts at December 31, 2022: Paid in Capital: Preferred stock, $50 par, 6%, 10,000 shares authorized, issued, and outstanding Common Stock, $3 par, 5,000,000 shares authorized, 2,225,000 shares issued APIC-PS APIC-CS Total Paid in Capital Retained Earnings Treasury stock, 4,000 shares at cost Total Shareholders' Equity $500,000 6,675,000 750,000 55,625,000 $63,550,000 18,653,000 (88,000) $82,115,000 During 2022, the following events and transactions occurred: On February 28th, the board of directors declared a property dividend of 7,000 shares of Xavier Corporation common stock that Rusty had purchased in January as an investment with a cost basis of $125,000. The investment shares had a fair value of $20 per share and were distributed March 31st to shareholders of record March 15th. On June 30th, a 5% common stock dividend was declared and distributed. The market value of the common stock was $30 per share. On September 5th, the company reissued 1,000 shares of treasury stock at a price of $31 per share. On December 1st, the board of directors declared the annual cash dividend of 6% on the 10,000 preferred shares, payable on December 28th to shareholders of record December 20th On December 1st, the board of directors declared a cash dividend of $0.20 per share on its common shares, payable on December 28th to shareholders of record December 20th. On December 29th. the company issued 50,000 shares of common stock at a price of $35 per share. On December 15, a 2-for-1 stock split was declared and distributed. The market value of the $3 par common stock was $40 per share. Hint: the number of treasury shares are affected by this stock split. Net income for the year was $5,877,000. Part A: Record the journal entries for each transaction and supporting calculations for each journal entry as necessary. Remember to keep track of the number of shares outstanding, as applicable, for each transaction. Hint: Creating T-accounts and updating each time a journal entry is recorded is helpful.