Concord Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the general ledger contained the following shareholders' equity accounts: Preferred shares (10,000 shares issued) $450.000 Common shares (75,000 shares issued) 1.275.000 Retained earnings 758.000 The following equity transactions occurred during the year ended January 31, 2021: Feb. 28 Issued 5,800 preferred shares for $319,000. Apr. 12 Issued 200.000 common shares for $3.60 million. May 25 Issued 5.800 common shares in exchange for land. At the time of the exchange, the land was valued at $98.600. Jan. 1 Paid dividend of $2.50 per share to preferred shareholders. Jan. 31 A loss of $51.000 was incurred for the year. ! Journalize the transactions and the entries to close dividends and the Income Summary account. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record issuance of shares.) (To record issuance of shares.) (To record issuance of shares.) - (To record issuance of shares.) (To record declaration and payment of dividend.) (To close Income Summary.) (To close dividends.) Innodig Prepare the shareholders' equity section of the balance sheet at January 31, 2021, including any required disclosures. Assume Concord is reporting under ASPE and there were no preferred dividend arrears at January 31, 2020. (Enter account name only and do not provide descriptive information.) CONCORD CORPORATION Balance Sheet (Partial) V $