how does the journal for 2018 calculated step by step?

15. Solar Energy Company Inc. is a new corporation just starting up, it is authorized to issue an unlimited number of common shares and 100,000 shares of $10 non-cumulative preferred shares. The company completed the following transactions: 2016 Feb. 5......... Issued 70,000 common shares at $10 per share (for cash). Feb. 28 ...... Gave the corporation's promoters 3,750 common shares for their services in organizing the corporation. The directors valued the services at $40,000. Mar. 3...... Issued 44,000 common shares in exchange for the following assets (fair market values in brackets): land ($80,000); buildings ($210,000); and machinery ($155,000). Dec. 31 Closed the Income Summary account. A $27,000 loss was incurred. 2017 Jan. 28....... Issued 4,000, $10, non-cumulative, preferred shares for land with a fair value of $420,000. On this date, the shares were actively trading at $100 per share. Dec. 31 Closed the Income Summary account. A $98,000 net income was earned. 2018 Jan. 1......... In addition to the declaration of the annual dividend on the preferred shares, the board of directors declared $0.20 per share cash dividend to outstanding common shares, payable on February 5 to the January 24 shareholders of record. Feb. 5 ........ Paid the previously declared dividends. May 10 ...... Issued 10,000 common shares at $12 per share (for cash). Dec. 31...... Closed the Income Summary account. A $159,000 net income was earned. Dec. 31 Closed the Cash Dividends (Declared) account (if necessary). Required: a) Prepare General Journal entries to record the transactions. Date Account Titles and Explanation PR Debit Credit