The Snow Removal Corporation was organized on January $1,2023.$ It is authorized to issue $350,000$ shares of preferred shares with a $$4$ dividend rate, and $10,000,000$ shares of common shares. Below are the share transactions completed during the year.

Jan $3$ Issued $200,000$ shares of common stock for cash at $$20$ per share and $20,000$ preferred shares for $$9$ each.

April $1$ Issued $4,000$ shares of common stock to lawyers in payment of their bill of $$80,000$ for services rendered in helping the company organize.

Aug $31$ Repurchased $42,000$ common shares at $$12$ per share

Dec $1$ The Board of Directors declared a dividend of $$150,000$ in total for all shareholders, as of the date of record December $20,2023,$ payable on December $31,2023.$ The company maintains separate payable accounts $($Dividend Payable $$ Preferred$$ and $$Dividend Payable $$ Common$)$ for its common and preferred shareholders.

Dec $31$ Paid for the dividend declared on December $1,2023$

Instructions: Prepare the necessary journal entries for the transactions. Journal entry descriptions are not required.