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 $140,000. 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.)

Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)