Using the information below, put the transactions in pro forma and complete the required journal entries. July 1 The owner is concerned about unlimited liability being a sole proprietorship. Therefore, the company is converting to a corporation. The owner will receive 2,500 shares of $100 par common stock for the original investment. The balance in owners capital is $175,000. July 3 Issued 30,000 shares of common stock, $10 par value. July 14 Declared a cash dividend of $1.50 per share for the outstanding shares of common stock. (Remember to utilize the correct payable account.) July 31 Paid out the dividend in cash. Prepare a statement of Retained Earnings. Current year net income is $175,000. There is no prior year