Sheryl Inc.is authorized to issue 70,000,$9,cumulative preferred shares,and 750,000 common shares.Prepare journal entries to record the following transactions that occurred during the first year of operations: 
Definitions:
Producer Surplus
The difference between the amount producers are willing to supply a good for and the actual amount they receive when the good is sold.
Producer Surplus
The gap highlighting the difference between the initial asking price by sellers for goods or services and the ultimately received price.
Specific Tax
A tax that is levied as a fixed amount per unit on a particular good or service.
Inelastic Demand
A situation where demand for a product or service is relatively unmoved or less sensitive to changes in price.
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