Cullumber Ltd. began operations on Jaruary 2,2024 . During the year, the following trarsactions affected shareholders' equity: 1. Cullumber's articles of incorporation authorize the issuance of 2.5 million comman shares and the issuance of 241,000 preferred shares, the latter of which pay an annual dividend of $3.0 per share. 2. A total of 291,000common shares were issued for $6 a share. 3. A total of 39,000 preferred shares were issued for $10 per share. 4. The full annual dividend an the preferred shares was declared. 5. The dividend on the preferred shares was paid. 6. A dividend of $0.10 per share was declared on the common shares but was not yet paid. 7. The compary had net income of $168,000 for the year. [Assume sales of $505,000 and total operating expenses of $337,000) B. The dividends on the common shares were paid. 9. The closing entry for the Dividends Declared account was prepared. (a) Prepare journal entries to record the above transactions, including the closing entries for net income and dividends declared. (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 tities and enter 0 for the amounts. List ail debit entries before credit entries.)