The stockholders equity accounts of Nardin Corporation on January 1, 2012, were as follows. Preferred stock (9%, $50 par cumulative, 10,000 shares authorized) $200,000 Common stock ($1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in capital in excess of par value--preferred stock 16,000 Paid-in capital in excess of stated value--common stock 1,400,000 Retained earnings 1,716,000 Treasury stock--common (8,000) 20,000 During 2012 the corporation had these transactions and events pertaining to its stockholders' equity. Feb 1 Issued 20,000 shares of common stock for $60,000 Nov 10 Purchased 4,000 shares of common stock for the treasury at a cost of $16,000. Nov 15 Declared a 9% cash dividend on preferred stock, payable December 15. Dec 1 Declared a $0.30 per share cash dividend to stockholders of record on December 15, payable December 31, 2012. Dec 15 Paid the dividend declared on November 15. Dec 31 Determined that net income for the year was $408,000. The market pricce of the common stock on this date was $5 per share. Piad the dividend declared on December 1.
a) Journalize the transactions. (Include entried to close net income and dividends to Retained Earnings).