prepare a journal entry using the following information.

 

March 1, April 5, April 20, May 5, August 1, Nov. 1, Dec. 31 Issued 5,000 shares of common shares for $20 per share cash Declared a cash dividend of $2 per share to its preferred shareholders, with a date of record of April 20 Date of Record Paid the preferred cash dividends Declared and distributed (on the same day) a 5% stock dividend on common stock. The market value of the stock was $2.5 per share. Issued 500 shares of Preferred Stock for a land appraised at $100,000 Company incurred a het income of $80,000 and closed it to Retained Earnings.