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2. Hex Corporation showed the following amounts in the equity section of its balance sheet at January 1, 2021: Preferred Shares, $2 cumulative (in arrears for 2020), 10,000 shares issued $500,000 $800,000 Common shares 40,000 shares issued Retained Earnings $500,000 In 2021: On Jan. 20, 2021, 10,000 common shares were issued for $150,000. On Nov. 1, 2021, Cash dividends of $90,000 were declared. Dividends will be paid on January 18, 2022. On Dec. 31, 2021 Hex reported revenues of $150,000 and expenses of $80,000 for the year. Prepare journal entries for 2021. Use an Income Summary account and Cash Dividends account as required. 10