The following is the stockholders' equity section of Jergens Corporation at Jan. 1, 2022 Preferred Stock ($80 par, 10%, cumulative, 100,000 shares authorized) $ 800,000 Common Stock ($5 par, 500,000 authorized) 750,000 Paid in Capital in Excess of Par-Common 1,900,000 Retained Earnings 1,200,000 Treasury Stock - Common (20,000 shares) (640,000) Total Stockholders' Equity $4,010,000 During 2022, the following transactions occurred: Feb 1 Purchase 5,000 shares of Treasury Stock (common) for $20 per share Mar.1 Issue 20,000 shares of Common Stock for $15 per share Jun. 1 Issue 1,000 shares of Preferred Stock for $85 per share Oct. 1 Declared the annual dividend on Preferred Stock Oct. 15 Declared a $0.20 per share cash dividend on Common Stock Dec. 31 Closed preferred and common dividends to Retained Earnings 1) Prepare the 2022 journal entries for the above transaction and 2) update the stockholders' equity section of the balance sheet as of December 31, 2022