1. Johnson & Johnson issues preferred stock worth $60,000,000.
2. Johnson & Johnson purchases pharmaceuticals on credit for $7,000,000.
3. Johnson & Johnson sells medical products for $25,000,000 in cash.
4. Johnson & Johnson pays $3,500,000 for research and development.
5. Johnson & Johnson pays $3,000,000 in wages.
6. Johnson & Johnson receives $2,500,000 in cash for services rendered.
7. Johnson & Johnson buys laboratory equipment for $5,000,000 cash.
8. Johnson & Johnson incurs $1,000,000 in marketing expenses.
9. Johnson & Johnson declares and pays dividends of $3,000,000.
10. Johnson & Johnson records $1,200,000 in depreciation expense.

1. Record those transactions in a journal.
2. Prepare a trial balance.
3. Prepare an income statement for the year ended.
4. Prepare a balance sheet for the year ended.