Chase Oil & Gas Corp began operations in 2019. Its balance sheet reported the following components of equity on December 31, 2019. Preferred shares, $1.80 non-cumulative, unlimited shares Authorized; 25,000 shares issued and outstanding......$ 780,000 Common shares, unlimited shares authorized, 100,000 shares issued and outstanding... 1.755.000 Total contributed capital.. 2,535,000 Retained earnings.... 681,000 Total equity... $3,216.000 The company completed these transactions during 2020 and 2021 : 2020 Jan 1 Sold 60,000 common shares at $11.40 per share Jan 5 The directors declared the first cash dividends totaling $251,250, payable on Feb. 28 to the Feb. 5 shareholders of record. Feb 28 Paid the dividend declared on Jan. 5. Jul 1 Issued preferred shares for a total of $411,000. The average issue price was $27.40 per share. Dec 31 Closed the Income Summary account which reflected profit earned during 2020 of $668,000 and closed the cash dividend account (if created). 2021 Sept 5 The directors declared a $1.80 cash dividend per preferred share and a $.90 per common share cash dividend payable on Oct. 28 to the Oct. 5 shareholders of record. Oct 28 Paid the dividends declared on Sept. 5. Dec 31 Closed the cash dividend account (if created) along with the $240,000 debit balance in the Income Summary account. Required: 1) Prepare journal entries (including explanations) to record the transactions and closings for 2020 and 2021. Show Calculations. 2) Prepare the statement of changes in equity for the year ended December 31, 2021. Show Calculations