Blossom Ltd. began operations on January 2, 2024. During the year, the following transactions affected shareholders' equity: 1. Blossom's articles of incorporation authorize the issuance of 2.5 million common shares and the issuance of 240,000 preferred shares, the latter of which pay an annual dividend of $3.0 per share. 2. A total of 290,000 common shares were issued for $6 a share. 3. A total of 30,000 preferred shares were issued for $10 per share. 4. The full annual dividend on the preferred shares was declared. 5. The dividend on the preferred shares was paid. 6. 7. A dividend of $0.10 per share was declared on the common shares but was not yet paid. The company had net income of $165,000 for the year. (Assume sales of $490,000 and total operating expenses of $325,000.) 8. The dividends on the common shares were paid. 9. The closing entry for the Dividends Declared account was prepared. Prepare journal entries to record the above transactions, including the closing entries for net income and dividends declared. (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. List all debit entries before credit entries.) No. Account and Explanation 1. No Entry No Entry 2. Cash Common Shares 3. Cash Preferred Shares 4. Dividends Declared Dividends Payable 5. Dividends Payable Cash 6. Dividends Declared Dividends Payable 7. Sales Revenue Income Summary (To close revenue account.) Income Summary Operating Expenses Debit 1,740,000 300,000 90,000 90,000 29,000 490,000 325,000 Credit 0 1,740,000 300,000 90,000 90,000 29,000 490,000 325,000 (To close expense account.) Income Summary Retained Earnings (To close net income.) 8. Dividends Payable Cash 9. Retained Earnings Dividends Declared 165,000 29,000 119,000 165,000 29,000 119,000 Prepare the shareholders' equity section of the statement of financial position as at December 31, 2024. Blossom Inc. Statement of Financial Position (Partial) $ LA Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Net Income / (Loss) Property, Plant, and Equipment Share Capital Shareholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Shareholders' Equity Total Long-Term Investments Total Long-Term Liabilities Total Property, Plant, and Equipment Total Share Capital Total Shareholders' Equity