Benton Corporation, a publicly traded company, is authorized to issue 535,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2024, the general ledger contained the following shareholders' equity accounts: Preferred shares (6,420 shares issued) $449,400 Common shares (96,300 shares issued) 770,400 Contributed surplus 16,050 Retained earnings 642,000 Accumulated other comprehensive income 5,350 The following equity transactions occurred in 2024: Jan. 4 Apr. 15 29 May 17 Aug. 13 Dec. 16 Issued 32,100 common shares for $321,000. Issued 12,840 preferred shares for $1,027,200. Repurchased and retired 10,700 common shares at $7.50 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 14, payable July 5. Issued 26,750 common shares for $187,250. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 (To close net income/(loss)) Dec. 31 Retained Earnings Dividends Declared (To close dividends.) Benton Corporation, a publicly traded company, is authorized to issue 535,000 $4 cumulative preferred shares and an unlimited- number of common shares. On January 1, 2024, the general ledger contained the following shareholders' equity accounts: Preferred shares (6,420 shares issued) $449,400 Common shares (96,300 shares issued) 770,400 Contributed surplus: 16.050 Retained earnings 642,000 4 Accumulated other comprehensive income 5,350 The following equity transactions occurred in 2024: Jan 4 Issued 32,100 common shares for $321.000. Apr. 15 29 Issued 12,840 preferred shares for $1,027,200. Repurchased and retired 10,700 common shares at $7.50 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years May 17 Declared a semi-annual cash dividend to the preferred shareholders of record at June 14, payable July 5. Issued 26,750 common shares for $187.250 Aug 13 Dec 16 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders SUPPO Dec. 16 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. 31 Net income for the year was $1,040.040. (a) Your answer is partially correct. Record the above transactions, including any entries required to close dividends declared and net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts Round average cost per share to 2 decimal places, eg. 2.25 and final answers to O decimal places) Date Account Titles Jan 4 Cash Common Shares Apr. 15 Cash Debit Credit 321000 1027200 32100 Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 (To close net income/(loss)) Dec. 31 Retained Earnings Dividends Declared (To close dividends.)