• The stockholders equity section of Wright Inc. as of December 31, 2019, listed the following: Preferred stock, 6%, 100,000 shares, $5 par..........................................................................$600,000Common stock 400,000 shares at $1 par...................................................................................500,000Paid in capital in excess of par, preferred stock........................................................................700,000Paid in capital in excess of par, common stock.......................................................................3,000,000Retained earnings........................................................................................................................ 9,000,000Treasury Shares (5,000 shares)...................................................................................................... (35,000)Total Stockholders equity...................................................................................................... $12,465,000 Listed below are 2020 transaction effecting the stockholders equity of Wright, Inc. On March 3, a 5 for 4 common stock split was declared the split was affected in the form of a stock dividend when the per share market value was $8 On June 1, a property dividend of 200,000 shares was distributed to common stockholders. The book value of the shares was $600,000; but had a fair value of $650,000. On June 15, 1,000 shares of treasury stock were sold $8. On July 5, a 2% stock dividend was issued to common shareholders. The market value of the stock was $9. On that date. On December 1, a 6% dividend was paid to preferred shareholders. On December 1, a cash dividend of $0.75 was declared on common shareholders of record on December 15 and paid on December 31. Required:Prepare journal entries for the above transactions; date of transactions is required.