A corporation was organized on January 1 of the current year,with an authorization of 20,000 shares of 4%,$12 par preferred stock,and 100,000 shares of $3 par common stock.The following selected transactions were completed during the first year of operations: 
Journalize the transactions.
Definitions:
Debt Ratio
A financial ratio that measures the proportion of a company's total debt to its total assets, indicating the company's leverage level.
Total Assets
The combined value of a company's immediate and long-term assets.
Total Liabilities
Total liabilities represent the aggregate of all debts and financial obligations owed by an entity at a given point in time.
Processing Transactions
Processing transactions involves recording, analyzing, and managing the financial events and transactions of a company, ensuring accuracy in the financial statements.
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