Saved Help Save & Exit Check my Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions occurred: Jan. 1 1, 000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12, 400. 5 15,000 shares were sold to various shareholders for $13.90 each. 15 The board of directors declared a cash dividend of $0. 79 per common share to shareholders of record on January 19, payable January 31. 20 4,000 shares were issued in exchange for land valued at $49, 600. The shares were actively trading on this date at $11. 90 per share. 31 Closed the Income Summary account, which showed a credit balance of $169,000. 31 Paid the dividends declared on January 15. Required: a. Journalize the above transactions. The Company does not use a Cash Dividends Account. View transaction list Journal entry worksheet 2 3 4 5 6