The stockholders' equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized) $360,000 Common Stock ($4 stated value, 360,000 shares authorized) 1,200,000 Paid-in Capital in Excess of Par Value-Preferred Stock 18,000 Paid-in Capital in Excess of Stated Value-Common Stock 576,000 Retained Earnings 825,600 Treasury Stock (6,000 common shares) 48,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 6,000 shares of common stock for $36,000 Mar. 20 Purchased 1,200 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 $335,000. Paid the dividend declared on December 1. Part 1 Your answer is partially correct. 19 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 title 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 for the amounts. Round answers to decimal places, s. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 36000 Common Stock 24000 Pald-in Capitalin Excess of Stated Value-Common Stock 12000 Mar. 20 Treasury Stock 8400 Cash 8400 Oct. 1 Cash Dividends 25200 Dividends Payable 25200 Nov. 1 Dividends Payable 25200 25200 Cash Dec. 1 Cash Dividende 1000 Dividends Payable 14400 Balda Dec. 1 Cash Dividends 149400 Dividends Payable 149400 Dec. 31 Paid-in Capital in Excess of Par Value-Preferred Stock 149400 Paid-in Capital in Excess of Par Value-Preferred Stock 149400 (To record net income) Dec. 31 Retained Earnings 174600 Cash Dividends 174600 (To close cash dividends) Dec. 31 Paid-in Capital in Excess of Par Value-Preferred Stock 336000 336000 Paid-in Capital in Excess of Par Value-Preferred Stock (To record payment of cash dividends payable) Part 2 Your answer is partially correct. 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 rere for the amount.) Preferred Stock 1/1 Bal 360000 12/31 Bal 360000 Common Stock . 1200000 12/31 Balt Paid-in Capital in Excess of Par Value Preferred Stock 1/1 Bal 18000 12/31 Bal. 18000 Paid-in Capital in Excess of Stated Value Common Stock Pala-in capital in excess or Scared valueCommon Stock 1/1 Bal. 576000 12/31 Bal. Retained Earnings . 1/1 Bal. 12/31 Bal. Cash Dividends 1/1 Bal. 12/31 Bal.. Treasury Stock 1/1 Bal. 12/31 Bal WAS Assessment Payer Tool Part 3 Prepare the stockholders' equity section of the balance sheet at December 31, 2022 WHISPERING WINDS CORP. Partial Balance Sheet 4)