1. a) Journalize transactions and the entries to close dividends and the income summary account b) Prepare the shareholders equity section of the balance sheet at December 31,2024 including any required disclosures. assume carla vista is reporting under ASPE

On January 1, 2024, Carla Vista Ltd. had the following shareholders' equity accounts: The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1,2024 , none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 99,000 preferred shares for $50 per share. Mar. 31 Paid quarterly dividend to preferred shareholders. June 30 Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 108,000 common shares for $1.70 per share. Sept. 30 Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Dec. 31 Loss for the year was $98,500