Culver 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) Common shares (63,000 shares issued) Retained earnings $450,000 819.000 654,000 The following equity transactions occurred during the year ended January 31, 2021: Feb. 28 Apr. 12 May 25 1 Jan. 31 Issued 4,700 preferred shares for $263,200. Issued 180.000 common shares for $2.52 million. Issued 4.700 common shares in exchange for land. At the time of the exchange, the land was valued at $61,100. Paid dividend of $2.50 per share to preferred shareholders. A loss of $53,000 was incurred for the year. Jan. Journalize the transactions and the entries to close dividends and the Income Summary account. (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 titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record issuance of shares.) (To record issuance of shares.)