Calgary Incorporated has 70,000 shares of $2 cumulative preferred shares outstanding as well as 114.000 common shares. There are no dividends in arrears on the prefered shares. The following transactions were reported during May 2020 May 1 Declared the required dividend on the preferred shares and a $0.25 per share dividend on the common shares 14 The date of record for the dividend declared on May 1 28 Paid the dividend declared on May 1 31 Closed the income summary account. Net income for the year was 1242,000 Bemixed Requirement 1. Prepare joumal entries to record the above transactions No explanations are required (Record debits first, then credits. Exclude explanations from journal entries. If an entry is necessary to entry necessary" on the first line of the journal entry.) Begin with the transaction on May 1 Date May Journal Entry Accounts Debit Credit