ConcordCorporation 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 (10,000shares issued)$450,000 Common shares (75,000shares issued)1,275,000 Retained earnings758,000

The following equity transactions occurred during the year ended January 31, 2021:

Feb.28 Issued5,800preferred shares for $319,000.

Apr.12 Issued200,000common shares for $3.60million.

May25 Issued5,800common shares in exchange for land. At the time of the exchange, the land was valued at $98,600.

Jan.1 Paid dividend of $2.50per share to preferred shareholders.

Jan.31 A loss of $51,000was incurred for the year.

Journalize the transactions and the entries to close dividends and the Income Summary account.

B.Open general ledger accounts for the shareholders' equity accounts and post entries from previous part.

C.Prepare the shareholders' equity section of the balance sheet at January 31, 2021, including any required disclosures. AssumeConcordis reporting under ASPE and there were no preferred dividend arrears at January 31, 2020.