PROBLEMS 16. (15 points) The Sharp Company had the following transactions: 1/1/20 Issued 4,000 shares of $100 par value preferred stock at $107 per share for cash. 2/1/20 Issued 5,000 shares of $10 par value common stock at $22 per share for cash. 3/1/20 Purchased 500 shares of their own common stock for the treasury at $15 per share. 4/1/20 Declared a $1 per share cash dividend. 5/1/20 Paid the dividend declared on 4/1/20. Instructions: Prepare the journal entries to record the above stock transactions. OMIT EXPLANATIONS