Brandon Company had 4,000 noncumulative $1.30 preferred shares issued and outstanding at the beginning of the year. The following shareholders' equity transactions occurred during 2020: Jan. 17: Issued 2,900 preferred shares in exchange for some used machinery. The machinery had been appraised earlier that day at $92,000. May 3: Issued 4,700 common shares for cash at a per share price of $28. Dec. 20: Declared total cash dividends of $15,000 (Use separate liability accounts for preferred and common shares). Required: A. Journalize the above transactions. B. Record the year-end closing journal entry related to dividends