Please answer within the proper format with all supporting calculation seperately

Note: every journal entry should have narration please

Please use commas and dollar sign in each figure

At the beginning of 2024, Taylor Corporation had the following stockholders' equity balances in its general ledger: Common Stock, $10 Par Value $2,500,000 Paid-In Capital in Excess of Par: Common 500,000 Paid-In Capital, Treasury Stock 3,000 Paid-In Capital, Stock Options 45,000 Retained Earnings 3,000,000 Treasury Stock (12,000 shares} 1180,0001 Total Stockholders' Equity $5,868,000 The paid-in capital from stock options relates to options granted on 111 1'20 to the CEO as incentive compensation. As of 111124, the remaining expected benet period is ten years; expense has been and will be recorded evenly ever the benet period. The following events were among the many occurring in 2024: a. January 2: Purchased 10,000 shares of its common stock for $18 per share. Brown uses the cost method of accounting for treasury stock transactions. February 1: Declared and paid a cash dividend of$3 per share on the outstanding common stock. (Hint: Don't forget to consider Treasury Stock existing on 111124 when computing outstanding shares} April 1: Issued 18,000 shares of $55 per, noncumulative, convertible 6% preferred stock for $60 per share, where one share of preferred stock is convertible into two shares of common stock. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $14 per share were re-issued for $6 per share. August 1: Holders of 4,000 shares of the preferred stock converted theirshares into common stock when the market value of the common stock was $16 per share. Brown uses the book value method of accounting for conversions. October 1: Declared and distributed a 1% stock dividend on common stock outstanding when the market price of the stock was $20 per share. November 1: Issued a lump-sum of 2,000 shares of preferred stock and 10,000 shares of common stock for $300,000. Per-share market values were $50 (preferred) and $15 (common). December 1 : Declared and distributed a property dividend of land to preferred shareholders. The land had a fair value of $39,000 and a carrying value of $41,000. December 31: Recorded 2024 compensation expense related to the stock options. (See Requirements and Submission information on next page)