The Feng He Correration, which is a technology company, was formed on January 1 of the current year. Transactions completed during the first year of operation follow. January 1: Issued 700,000 shares of common stock for $9,800,000, which is the par value of the stock. January 10: Acquired equipment in exchange for $1,500,000 cash and a $3,000,000 note payable. The note is due in 10 years. February 10: Paid $31,200 for a business insurance policy covering the two-year period beginning on March 1. February 14: Purchased $950,000 of supplies on account. March 1: Paid wages of $199,000 March 15: Billed $2,590,000 for services rendered on account. April 3: Paid $130,000 of the amount due on the supplies purchased on February 14. April 17: Billed $1,800,000 for services rendered on account. May 1: Paid wages of $160,000. May 7: Collected $230,500 of the outstanding accounts receivable. May 8: Received bill and paid $98,700 for utilities. May 24 Paid $37,000 for sales commissions. June 4 Made the first payment on the note issued on January 10. The payment consisted of $18,000 of interest and $120,000 to be applied against the principal of the note. June 18: Billed customers for $669,000 of services rendered. June 29: Collected $500,000 on accounts receivable. July 10: Purchased $42,000 of supplies in cash. Aug 25 Paid $160,000 for administrative expenses. Sept 23: Paid $34,500 for warehouse repairs. October 1: Paid wages of $60,000 Nov 23: Purchased supplies for $550,000 on account. Dec 19: Collected $155,000 in advance for services to be provided in December and January of the following year Dec 30: Declared and paid a $30,000 dividend to shareholders. Requirement a. Journalize the transactions for the year