The stockholders' equity accounts of Flounder Corp. on January 1, 2025, were as follows. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 7,500 shares of common stock for $45,000. Mar. 20 Purchased 1,500 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7\% cash dividend on preferred stock, payable November 1. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 7,500 shares of common stock for $45,000. Mar. 20 Purchased 1,500 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 Decen Dec. 31 Determined that net income for the year was $430,000. 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 O for the amounts. List all debit entries before credit entries.) (To close Income Summary and transfer net income to Retained Earnings) (To close Cash Dividends to Retained Earnings) (To close Income Summary and transfer net income to Retained Earnings) (To close Cash Dividends to Retained Earnings) (To record payment of cash dividends payable) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Common Stock Paid-in Capital in Excess ck Stated Value-Common Stock Retained Earnings Retained Earnings CashWividends Treasury Stock Treasury Stock eTextbook and Media List of Accounts FLOUNDER CORP. Partial Balance Sheet $ eTextbook and Media