Whispering Ltd. showed the following information on its September 30, 2024 year-end financial statements: The following transactions occurred, in the order given, during 2025 : (a) October 10, 2024: Received subscriptions and down payments for 73,000 common shares at $10 per share. The subscription contract calls for 40% of the subscription to be paid upon receipt, and the remaining 60% to be paid on November 30,2024. In the event of default on the subscriptions, the company will retain the down payment. (b) November 30, 2024: Received payment for 68,300 of the subscribed shares; the remaining 4,700 defaulted. Issued the share certificates for the appropriate number of shares. (c) January 1,2025 : Issued 11,000 preferred shares at $40 per share. (d) April 5, 2025: Repurchased and cancelled 18,200 common shares at a cost of $8 per share. (e) August 15, 2025: Declared dividends for preferred shares (dividends had not been paid the previous year). Also declared $3 per share dividend for common shares. Both dividends are to be paid on October 1 to shareholders of record on September 30,2025. (f) If the preferred shares had a $30 par value, what journal entry would be required for the January 1,2025 transaction in part (c)