The stockholders equity accounts of Ayayai Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 2,500 shares authorized) $150,000 Common Stock ($4 stated value, 150,000 shares authorized) 500,000 Paid-in Capital in Excess of Par ValuePreferred Stock 7,500 Paid-in Capital in Excess of Stated ValueCommon Stock 240,000 Retained Earnings 344,000 Treasury Stock (2,500 common shares) 20,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 2,500 shares of common stock for $15,000. Mar. 20 Purchased 500 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. Dec. 31 Determined that net income for the year was $145,000. Paid the dividend declared on December 1.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

The stockholders' equity accounts of Ayayai Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 2,500 shares authorized) Common Stock ($4 stated value, 150,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (2,500 common shares) $150,000 500,000 7,500 240,000 344,000 20,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 2,500 shares of common stock for $15,000. Purchased 500 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31 Determined that net income for the year was $145,000. Paid the dividend declared on December 1. 1 Nov. Dec. 1 Dec. 31 (a) Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round answers to 0 decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit (To record net income) > (To close cash dividends) (To record payment of cash dividends payable)