On December 31, 2024, Sheridan Company had 1,255,000 shares of $5 par common stock issued and...

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On December 31, 2024, Sheridan Company had 1,255,000 shares of $5 par common stock issued and outstanding. At December 31, 2024, stockholders' equity had the amounts listed here. Common Stock $6,275,000 Additional Paid-in Capital 1,870,000 Retained Earnings 1,230,000 Transactions during 2025 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $111 per share 130,000 shares of $100 par value, 7% cumulative preferred stock. 2. On February 8, reacquired 11,100 shares of its common stock for $11 per share. 3. On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31. 4. On June 8, declared a cash dividend of $1.80 per share on the common stock outstanding, payable on July 10 to stockholders of record on July 1. 5. Net income for 2025 was $3,626,000. Record the journal entries that are required for items 1-5 above. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation (To close net income) (To close cash dividends) Debit Credit On December 31, 2024, Sheridan Company had 1,255,000 shares of $5 par common stock issued and outstanding. At December 31, 2024, stockholders' equity had the amounts listed here. Common Stock $6,275,000 Additional Paid-in Capital 1,870,000 Retained Earnings 1,230,000 Transactions during 2025 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $111 per share 130,000 shares of $100 par value, 7% cumulative preferred stock. 2. On February 8, reacquired 11,100 shares of its common stock for $11 per share. 3. On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31. 4. On June 8, declared a cash dividend of $1.80 per share on the common stock outstanding, payable on July 10 to stockholders of record on July 1. 5. Net income for 2025 was $3,626,000. Record the journal entries that are required for items 1-5 above. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation (To close net income) (To close cash dividends) Debit Credit