Can you please only help with Aug and Dec journal entries with calculations?! Cant figure it out! Thank you! Lorde Inc. is authorized to issue 70,000, $9, cumulative preferred shares, and 750,000 common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations: Jan 10 15 Feb 1 Mar 1 10 15 Apr Jun Aug 5 23 1 Sold 85,000 common shares for $6 per share, cash. Exchanged 5,000 preferred shares for equipment with a fair market value of $65,000 (no market value was available for these shares). Exchanged 500 common shares for $3,000 in legal fees incurred during organization. A cash dividend of $52,000 was declared by the Board of Directors to the shareholders of record on March 10, payable on March 15. Date of record. Paid the cash dividend. Sold 350 preferred shares for $17 per share. Sold 4,000 common shares at $8 per share, cash. The Board of Directors declared a 10% share dividend to common shareholders of record on August 12, to be distributed on August 20. The market price per share was $9.50. Date of record. The market price per common share on this date was $9.80. Distributed the share dividend. The market price per common share on this date was $9.25. Prepare closing entries. The balance in the Income Summary account is $177,000 credit. Dec 31