Congo Corp. has the following capital structure at the beginning of this year: Preferred shares, $ 3, no par value, cumulative, 20,000 shares authorized, 6,000 shares issued and outstanding$ 300,000 Common shares, no par value, 60,000 shares authorized, 40,000 shares issued and outstanding510,000 Total contributed capital810,000 Retained earnings 340,000 Total shareholders' equity$ 1,150,000 Instructions a)Record the following transactions which occurred consecutively this year. Show all calculations. i.There are no dividends in arrears. A total cash dividend of $ 90,000 was declared. The preferred shares are participating to a maximum of 10%. Record dividends payable to common and preferred shares in separate accounts. ii.A 10% common stock dividend was declared. The current market value of the common shares is $ 16 a share. iii.Net income for the year was $ 180,000. Record the closing entry. b) Incorporating all the above information, construct the shareholders' equity.