The shareholders equity section of Lincolns balance sheet included the following accounts and amounts at December 31, 2022:

During 2023, Lincoln engaged in the following transactions:

March 1 The Board of Directors declared a cash dividend of $1.00 per share on its outstanding common stock, payable on April 1 to shareholders of record on March 15.

April 1 Paid the cash dividend that was declared on March 1.

April 15 The Board of Directors declared a property dividend of 200,000 shares of Mitchell Common Stock that Lincoln had purchased as an investment in January for $2,200,000. The investment had a fair value of $10 per share on April 15 and $12 per share on May 8. The property dividend was distributable on May 8 to shareholders of record on April 15.

May 8 The property dividend declared on April 15 was distributed.

June 12 The Board of Directors declared and distributed a 50% stock dividend on the common stock. The market value of the $1 par common stock was $20 per share.

October 1 The Board of Directors declared the 10% cash dividend on the preferred shares, payable on November 1 to shareholders of record on October 15.

November 1 The preferred dividend declared on October 1 was issued.

December 1 Sold all of the common treasury stock for $8 per share.

December 31 Net income for the year ended December 31, 2024, was $8,000,000.

INSTRUCTIONS: Prepare all required journal entries in 2023 from the foregoing information. Show all computations.

Shareholders' Equity Paid-in capital: Preferred stock, 10%,100,000 shares at $1 par Common stock, 1,130,000 shares issued at \$1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost, 30,000 common shares Total shareholders' equity 100,0001,130,0004,000,0008,000,00018,000,000(300,000)$30,930,000