Stockholders' Equity Transactions$-$intro $-$Riga Inc.

Information about Riga Inc.$\text{'}$s stockholders' equity as of January $1,2027,$ is provided below:

Riga is authorized to issue $400,000$ shares of $$2$ par, common stock. As of Jan $1,2027,230,000$ shares are issued and outstanding.

Riga is also authorized to issue $100,000$ shares of $$8$ par, $4\%,$ non$-$cumulative preferred stock. As of Jan $1,2027,20,000$ shares are issued and outstanding.

Balances as of January $1,2027,$ for selected accounts are as follows: Preferred Stock $$160,000$; Additional Paid$-$In Capital$-$P$/$S $$180,000$; Common Stock $$460,000$; Additional Paid$-$In Capital$-$C$/$S $$262,300$; Treasury Stock$-$C$/$S $$0$; Additional Paid$-$In Capital from Treasury Stock $$0$; Retained Earnings $$32,000.$ Net income for $2027$ is $$8,100.$ No dividends are in arrears as of January $1,2027.$

Selected transactions of Riga Inc. are described below.

Required:

Journalize the transactions for Riga.

Jan $1-$Riga issued $1,500$ shares of preferred stock for $$26$ per share.

Apr $6-$ Riga issued $8,000$ shares of common stock for $$5$ per share.

May $9-$ Riga bought $30,000$ shares of $($Riga$)$ common stock $($to hold temporarily$)$ for $$7$ per share.

Aug $24-$Riga sold $18,000$ shares of treasury stock for $$10$ per share.

Nov $25-$ Riga sold $6,000$ shares of treasury stock for $$4$ per share.

Jan $3,2028-$Riga's board of directors declared a $$22,000$ cash dividend, payable on Feb $1.$

Feb $1-$ Riga paid the dividend declared on Jan $3.$

Jan $3,2028-$ Riga's board of directors still declared a $$22,000$ cash dividend, payable on Feb $1.$ But this time, assume that the preferred stock is cumulative.

Feb $1-$ Riga paid the dividend declared on Jan $3.$

Jan $3,2028-$Riga's board of directors declared a $12\%$ stock dividend on common stock, distributable on Feb $1.$ The market value of the common stock on Jan $3$ was $$9$ per share.

Feb $1-$Riga distributed the stock dividend declared on Jan $3.$

Journal

Note: Start each entry on a starred row.

Note: Use the gray$-$shaded cell for each entry to select the transaction description.