Brice Co. completed the following transactions in Year 1, the first year of operation

Brice Co. completed the following transactions in Year 1, the first year of operation:

1. Issued 37,000 shares of no-par common stock for $15 per share.
2. Issued 9,800 shares of $25 par, 5 percent, preferred stock for $25 per share.
3. Paid a cash dividend of $12,250 to preferred shareholders.
4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $20 per share.
5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $60 per share.
6. Produced $201,000 of cash revenues and incurred $90,000 of cash operating expenses.
7. Closed the revenue, expense, and dividend accounts to retained earnings.

b. Record the Year 1 transactions in general journal form and post them to T-accounts.