On January $1,2022,$ Koro Company issued $1,000$ shares of $6\%,$$$100$ par value preferred stock for $$130,000.$ The board of directors declared dividends on December $30,2022.$ Koro paid the dividends on January $30,2023.$ What journal entries are necessary to record these transactions?

Prepare all the necessary journal entries to record the transactions. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

First, prepare the journal entry to record the issuance of the preferred stock.

$\backslash$table$[[$Account$,,],[,,]]$

Now, prepare the journal entry to record the declaration of the dividends. Do not record the entry for payment of the dividends. We will do that in next step.

$\backslash$table$[[$Account$,$December $30,2022,],[,,]]$

Finally, prepare the journal entry to record the payment of the dividends.

Account

January $30,2023$