The Snowflake Corporation is authorized to issue 200,000 shares of $1 par value common stock and 80,000 shares of 12%, $100 par cumulative preferred stock. During 2018, the company has the following stock transactions. Please journalize the following transactions:

Jan 1

-Sold 50,000 shares of common stock for $300,000.

-Sold 3,000 shares of preferred stock for $360,000.

-Purchased 5,000 shares of outstanding common stock for $8.00 for the treasury.

Dec 1

-Declared a $0.20 per share dividend to common stockholders of record on December 20, payable December 31, 2018 as well as the amount due the preferred stockholders.