problem: Lermabilt Corp. was incorporated on January 1, 2008, and issued the stock for cash:

3.6 million Shares of no-par common stock were authorized; 1,050,000 shares were issued on January 1, 2008, at 46 dollar per share.

1,200, 000 shares of $100 par value, 10.5 percent cumulative, preferred stock were authorized, & 420,000 shares were issued on January 1, 2008, at $132 per share.

Net income for the years ended December 31, 2008, 2009, and 2010, was $15,750,000, and $22,350,000, & 26,100,000 dollar, respectively.

No dividends were announced or paid during 2008 and 2009. However, on December 17, 2010, the board of directors of Lermabilt Corp. announced dividends of $37,200,000, payable on February 9, 2011, to holders of record as of January 4, 2011. Make journal entries to show the effect of

[A] The issuance of common stock and preferred stock on January 1, 2008.

[B] The declaration of dividends on December 17, 2010.

[C] The payment of dividends on February 9, 2011.