The following is the stockholders' equity section of Banks Corporation at Jan. 1, 2022 Preferred Stock ($100 par, 9%, cumulative, 80,000 shares authorized) 800,000 During 2022, the following Common Stock ($3 par, 400,000 authorized) 750,000 transactions occurred: Paid in Capital in Excess of Par 1,900,000 Retained Earnings 1,200,000 Treasury Stock - Common (40,000 shares) Feb. 1 Issue 30,000 shares of (640,000) Total Stockholders' Equity 4,010,000 Common Stock for $20 per share Jun. 1 Issue 1,000 shares of Preferred Stock for $105 per share Aug 15 Purchase 2,000 shares of Treasury Stock (common) for $17 per share Oct. 1 Declared the annual dividend on Preferred Stock Oct. 15 Declared a $0.15 per share cash dividend on Common Stock Dec. 31 Closed preferred and common dividends to Retained Earnings 1) Prepare the 2022 journal entries for the above transaction and 2) update the stockholders' equity section of the balance sheet as of December 31, 2022