Native Corp. reports the following transactions for 2020: 1 (Click the icon to view the transactions.) Required. Prepare journal entries for the transactions. Explanations are not required....

Extracted text: Native Corp. reports the following transactions for 2020: 1 (Click the icon to view the transactions.) Required. Prepare journal entries for the transactions. Explanations are not required. Transactions January 27: Sold 22,000 common shares for $5 per share. Journal Entry Jan. 27 Sold 22,000 common shares for $5 per share. Date Accounts Debit Credit Feb. 1 Sold 8,500 shares of $1.00, noncumulative, preferred shares for $75 Jan. 27 per share. Oct. 13 Declared a 10 percent stock dividend on the common shares. The current market price of the common shares is $7 per share. There are 87,000 common shares outstanding on October 13. 2020 Nov. 16 Distributed the stock dividend declared on October 13. Dec. 11 Declared the annual dividend required on the preferred shares and a $0.45 per share dividend on the common shares. There are 12,000 preferred shares outstanding at this time. February 1: Sold 6,500 shares of $1.00, noncumulative, preferred shares for $75 per share. Journal Entry Date Accounts Debit Credit Feb. Print Done 2020 October 13: Declared a 10% stock dividend on the common shares. The current market price of the common shares is $7 per share. There are 87,000 common shares outstanding on October 13. Journal Entry Date Debit Accounts Credit Oct 13 2020 November 18: Distributed the stock dividend declared on October 13. Journal Entry Date Accounts Debit Credit Nov. 16 2020 December 11: Declared the annual dividend required on the preferred shares and a $0.45 per share dividend on the common shares. There are 12,000 preferred shares outstanding at this time. Journal Entry Date Accounts Debit Credit Dec. 11 2020