Exercise 12-17 Share transactions, distribution of dividends, equity, closing LO1, 2, 3, 4, 5, 6 The equity section of the December 31, 2019, balance sheet for Delicious Alternative Desserts Inc. showed the following: Contributed capital: Delicious Alternative Desserts Inc.) Equity Section of the Balance Sheet December 31, 2019 Preferred shares, $0.40 cumulative; 80,000 shares authorized; 66,000 shares issued and outstanding $264,000 Common shares; 250,000 shares authorized; 126,000 shares issued and outstanding 201,600 Total contributed capital $465,600 Retained earnings Total equity 148,000 $613,600 During the year 2020, the company had the following transactions affecting equity accounts: Jan. 3 Sold 26,000 common shares for a total of $44,720 cash. Mar. 1 Sold 5,000 preferred shares at $5.40 each; cash. June 15 Exchanged 7,000 common shares for equipment with a fair market value of $29,000. The last common share trade was dated March 15 at $4.94. Dec. 31 Closed the Income Summary account, which showed a credit balance of $286,000. The board of directors had not declared dividends for the past two years (2019 and 2020).