The following events relate to the shareholders equity transactions of a corporation during its first year of existence. Present the journal entries for each transaction. Indicate if no journal entry is required.

a.Articles of incorporation are filed which authorize the issuance of 5,000, $100 par value preferred shares offering an 8% annual dividend (payable semi annually at 4%) and 50,000 no par value common shares. The original incorporators are issued 100 common shares at $20 per share for cash.

b. 1,600 common shares are issued for $20 cash each.

c. 3,000 preferred shares are issued at par

d. Certificates for the preferred shares are issued.

e. Assets are acquired in exchange for 600 preferred shares and 10,000 common shares the assets are valued as follows: inventory $40,000; land, $45,000;

f. Semi-annual dividends payable on the preferred shares are declared.

g. 20,000 common shares are issued for $33 each.

h. The semi-annual dividend on the preferred shares is paid.

i. Directors declare a $1 per share dividend on common shares.

j. The common share dividend is paid.

*Please explain the answer*