Dynatech Corporation, a publicly traded company, is authorized to issue 590,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2024, the general ledger contained the following shareholders equity accounts: Preferred shares (7,080 shares issued) $495,600 Common shares (106,200 shares issued) 849,600 Contributed surplus 17,700 Retained earnings 708,000 Accumulated other comprehensive income 5,900 The following equity transactions occurred in 2024: Jan. 4 Issued 35,400 common shares for $354,000. Apr. 15 Issued 14,160 preferred shares for $1,132,800. 29 Repurchased and retired 11,800 common shares at $7.50 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. May 17 Declared a semi-annual cash dividend to the preferred shareholders of record at June 14, payable July 5. Aug. 13 Issued 29,500 common shares for $206,500. Dec. 16 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. 31 Net income for the year was $1,146,960. Record the above transactions, including any entries required to close dividends declared and net income. (List all debit entries before credit entries. Record journal entriesin the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired,select "No Entry" for the account titles and enter 0 for the amounts. Round average cost pershare to 2 decimal places, e.g. 2.25 and final answersto 0 decimal places.) Closing entries: Open T accounts and post to the shareholders equity accounts. (Post entriesin the order of journal entries presented in the previous part.) Prepare the statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Prepare the shareholders equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.)