Cookie Creations 14 a-d After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows Paid-in capital Preferred stock, $0.50 noncumulative, no par value, 10,000 shares authorized, 2,000 issued $10,000 Common stock, no par value, 100,000 shares authorized, 25,930 issued 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1 June 30 Repurchases 750 shares of common stock issued to the lawyer, for $500. Recall that these were originally issued for $750. The lawyer had decided to retire and wanted to liquidate all of her assets . 31 The company has legal fee, but excluding income tax) operations revenues of $462 op (incl 750 very succes ear an ng penses 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Prepare the stockholders' equity section of the balance sheet as of October 31, 2021. COOKIE & COFFEE CREATIONS INC. Partial Balance Sheet October 31, 2021 Stockholders' Equity Total Stockholders' Equity 25,180 Common Stock 14,000 Preferred Stock Revenues 39,180 72,600 Retained Earnings X Retained Earnings 111,780 Less 500 Treasury Stock 111,280 Total Stockholders' Equity $ Your answer is partially correct. Try again. Prepare closing entries. (Use Operating Expenses and Income Tax Expense as the only expense accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement.) Account Titles and Explanation Debit Credit Date 462,500 Sales Revenue Oct. 31 Income Summary 462,500 (To close revenue account) Oct. 31 Income Summary 370,000 369,250 Operating Expenses x Operating Expenses 750 (To close expense accounts) Retained Earnings Oct. 31 1,400 x Dividends Payable 1,400 (To close net income (loss))