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In: AccountingJanuary 1, 2017, the stockholders’ equity section of JayhawkCorporation’s balance sheetshowed the followingPreferred...January 1, 2017, the stockholders’ equity section of JayhawkCorporation’s balance sheetshowed the followingPreferred stock, $100 par value, 5%, 50,000 sharesauthorized,5,000 shares issued and outstanding$500,000Paid in capital in excess of par, Preferred Stock100,000Common stock, $3 par value, 500,000 shares authorized,20,000 shares issued and outstanding60,000Paid in capital in excess of par, Common Stock250,000Total contributed Capital910,000Retained Earnings320,000Total Stockholders' Equity$1,230,000During the year, 2017, the following transactions occurred:February 2Issued 600 shares of common stock for $16 per share.April 15Issued 1,000 shares of preferred stock for $125 per share.September 15 Declared dividends of $60,000 to be paid on October31, 2017.October 31Paid the dividends declared on September 15.Required (10 points):a. Prepare journal entries to record the above transactions.b. Assuming that net income was $93,000, prepare thestockholders’ equity section of thebalance sheet at December 31, 2017.