D A Chapter 13 Qz xfx Common Share C D M E L M a The Beach Bed Corporation was organized on January 1, 2021, 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 to completed during the year Jan 3 d250,000 shares of common stock for cash at $10 per share and 20,000 preferred shares for $5 mach Mark 1 used 5,000 shares of common stock to lawyers in payment of their bill of $80,000 for services rendered in helping the company organize Repurchased 50,000 common shares at $8 per share Aug 31 Dec 1 Dec 31 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 Paid for the dividend declared on December 1, 2021 Instructions: Prepare the necessary journal entries for the transactions Joumal entry descriptions are not required. 03-Jan Cash 250,000+10) Common Share 2.500.00 2.500.000 Cash(20,0005) 100,000 100.000