Canarie Corporation, a publicly traded company, is authorized to issue 212,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021. the general ledger contained the following shareholders' equity accounts: Preferred shares [7,600 shares issued} $418,000 Common shares (70,000 shares issued) 980,000 Contributed surplus 22,600 Retained earnings 726,000 Accumulated other comprehensive income 9,000 The following equity transactions occurred in 2021: Feb. 6 Apr. 6 27 May 29 Aug. 22 Dec. 14 31 Issued 9,200 preferred shares for $561,200. Issued 20,000 common shares for $550,000. Repurchased and retired 2,900 common shares at $16 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semiannual cash dividend to the preferred shareholders of record at June 12, payable July 1. Issued 8,900 common shares in exchange for a building. At the time of the exchange, the building was valued at $173,400 and the common shares at $159,000. The board of directors decided there were insufcient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $595,000. Record the above transactions, including any entries required to close dividends and net income. (List all debit entries before credit entries. 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 palces, e.g. 2.25 and final answers to O decimal places.) Account Titles and Explanation Debit Credit Cash 561200 Preferred Shares 561200 Cash 550000 Common Shares 550000 Common Shares 40600 Cash 46400 Contributed Surplus 5800 Dividends Declared 67200 Dividends Payable 67200 No Entry 0 No Entry Dividends Payable 67200 Cash 67200 Buildings 173400 Common Shares 173400 No Entry No EntryClosing entries: Date Account Titles and Explanation Debit Credit Dec. Income Summary 595000 31 Retained Earnings 595000 (To close net income/(loss).) Dec. Retained Earnings 67200 31 Dividends Declared 67200 (To close dividends.)