The partial balance sheet for the Harry P. Corp, reported the following components of equity on December 31, 2016: Harry P. Corp December 31, 2016 Contributed capital Preferred shares. 51.50 cumulative. 20,000 shares authorized: 10,000 shares issued and outstanding $150.000 Common shares, unlimited shares authorized 25.000 shares issued and outstanding 250,000 Total contributed capital $400,000 Retained earnings 250,000 Total equity $650,000 in 2017. Harry P. Corp. had the following transactions affecting the various equity accounts: - Jan 4 Sold 15.000 common shares at 511 per share, Jan 8 The directors declared a total cash dividend of $57,500 payable on jan 31 to the Jan 21 shareholders of record. Dividends had not been declared for 2015 and 2016. All of the preferred shares had been issued during 2015, - jan 31 Paid the dividends declared on January 8. - July 1 Sold preferred shares for a total of 577.500. The average issue price was $15.50 per share. Aug 7 The directors declared a $1.00 dividend per common share cash dividend payable on Aug 31 to the Aug. 20 shareholders of record, Aug 31 Paid the dividends declared on Aug 7 Required: 412 Equity Financing - a. Prepare journal entries to record the transactions for 2017