The shareholders' equity section for Jazz City Co, on December 31, 2021shows: Preferred shares, $2 cumulative, 30,000 shares issued and outstanding $1,500,000 Common shares, 50,000 shares issued and outstanding 600,000 Retained earnings 500,000 The following transactions are for 2022: 1. January 3 - Issued 10,000 common shares and 3,000 preferred shares for a lump sum of $450,000 cash. The market value of each common share is $20 and the market value of each preferred share is $100 per share. 2. April 5. Repurchased and canceled 8,000 common shares for $20 per share. 3. July 18 - Declared the annual dividend on the preferred shares and 50 cents per share on the common shares. 4. August 12 - Paid the dividends declared on July 18. 5. September 22 - Accepted subscriptions for 1,000 common shares for a price of $30 per share. A one-third downpayment is received today, with the remainder due on November 1. 6. November 1. - Received the balance of the subscription amount from September 22. Required: Prepare the journal entries to record the above transactions. iii 1 A B III DEBIT CREDIT DATE ACCOUNTS