The fist segment is year one the secod is tear two. Apollogies if the picture is a but blurry.

1 2. 3. 4. The Equitee Corporation was incorporated on January 2, 2019, with two classes of share capital: an unlimited number of common shares and $3 cumulative non-voting preferred shares with an authorized limit of 50,000. During the first year of operations, the following transactions occurred: The company issued 3.400 preferred shares for a total of $85,000 cash, and 10,400 common shares for $23 per share. It issued 3,200 common shares in exchange for a parcel of land with an estimated fair market value of $112,000. The company had sales of $1,068,000 and incurred operating expenses of $943,000 during the year. No dividends were declared during the first year of operations, During the second year of operations, the following transactions occurred: In November, the company's board of directors declared cash dividends sufficient to pay a dividend of $4 on each common share. The dividends were payable on December 14. (Hint: Remember that no dividends can be paid on the common shares until the dividends in arrears and the current dividends on the preferred shares are paid.) In December, the cash dividends from November were paid. 7. In December, the board of directors declared and distributed a 10% stock dividend on the common shares. The estimated market value of the common shares at the time was $24 per share. The company had sales of $1.200,000 and incurred $1.025,000 in operating expenses during the second year. 5. 6. 8 Prepare journal entries to record the above transactions, including closing entries for net income and dividends declared in transactions 3.5.7 and 8. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account and explanation Debit Credit No. Year 1 1. 2. 3. (To close revenue account.) I (To close expense account.) (To close net income.) 4. (The record videos decored (to record soddens declared.) to record stock dividends distributed) . (todose revenue account) [Todowe Income