During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Mar 1 Issued 6,900 shares of common stock for $85 per share. June 22 Purchased 2,000 additional shares of common treasury stock at $11 per share. Sept. 1 Declared a 10% cash dividend on preferred stock, payable October 1. Oct. 1 Paid the dividend declared on September 1. Dec. 1 Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. 31 Determined that net income for the year was $110,000. Paid the dividend declared on December 1. Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings.

Prepare the operating activities section—indirect method.(lo 4), apthe income statement of paxson company is presented here.paxson companyincome statementfor the year ended november 30, 2014sales revenue $7,600,000cost of goods sold beginning inventory$1,900,000 purchases4,400,000goods available for sale6,300,000 ending inventory1,600,000total cost of goods sold 4,700,000gross profit 2,900,000operating expenses selling expenses450,000 administrative expenses700,0001,150,000net income $1,750,000additional information: prepare the operating activities section—indirect 1. accounts receivable decreased $380,000 during the year, and inventory decreased $300,000.2. prepaid expenses increased $150,000 during the year.3. accounts payable to suppliers of merchandise decreased $350,000 during the year.4. accrued expenses payable decreased $100,000 during the year.5. administrative expenses include depreciation expense of $110,000.instructionsprepare the operating activities section of the statement of cash flows for the year ended november 30, 2014, for paxson company, using the indirect method.net cash provided $1,940,000