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. Open general ledger accounts for the shareholders' equity accounts and post entries from previous part. (Post entries in the order of Journal entry presented in the previous part (a).) Preferred Shares Date Explanation Ref. Debit Credit Balance Feb. 1 Balance 0 Feb. 28 J1 319000 0 Common Shares Date Explanation Ref. Debit Credit Balance 0 Feb. 1 Balance 3600000 J1 Apr. 12 98600 J1 May 25 Cash Dividends- Preferred Date Explanation Ref. Debit Credit Balance Jan. 1 J1 39500 Jan. 31 Closing entry J1 39500 Retained Earnings Credit Balance Debit Date Explanation Ref. 758000 758000 Feb. 1 Balance 51000 J1 Jan. 31 Closing Entry 39500 J1 Jan. 31 Closing Entry