A B 1 Chapter 13 Q2 2 E H M N Q The Beach Ball Corporation was organized on January 1, 2021. It is authorized to issue 300,000 shares of preferred shares with a $3 dividend rate, and 10,000,000 shares of common shares Below are the share transactions completed during the year 3 4 56 5 Jan 3 Issued 250,000 shares of common stock for cash at $10 per share and 20,000 preferred shares for $5 each Issued 5,000 shares of common stock to lawyers in payment of their bill of $80,000 for services rendered in helping the company organize 7890 April 1 9 Aug 31 10 11 Dec 1 Repurchased 50,000 common shares at $8 per share The Board of Directors declared a dividend of $200,000 in total for all shareholders, as of the date of record December 20, 2021, payable on December 31, 2021. The company maintains separate payable accounts (Dividend Payable - Preferred' and 'Dividend Payable - Common') for its common and preferred shareholders. 12 13 Dec 31 14 Paid for the dividend declared on December 1, 2021 15 Instructions: Prepare the necessary journal entries for the transactions. Journal entry descriptions are not required. 16