Exercise 15-13 Monty's Dance Studios Ltd. is a public company, and accordingly uses IFRS for financial reporting The corporate charter authorizes the issuance of an unlimited number of common shares and 40,000 preferred shares with a $3 dividend. At the beginning of the December 31, 2017 year, the opening account balances indicated that 21,000 common shares had been issued for $3 per share, and no preferred shares had been issued. Opening retained earnings were $356,000. The transactions during the year were as follows an Issued 9,000 common shares at $5 per share e Issued 2,100 preferred shares at $65 per share 12 Sept, Issued 5,000 common shares in exchange for land valued at $20,000 Declared and paid a dividend on preferred shares of $3 per share No. Declared and paid a dividend on common shares of $1.70 per share No Purchased and retired 400 preferred shares at $69 per share D After preliminary closing entries, the Income Summary account had a credit balance of $267,000 15 Prepare journal entries to record the transactions above. (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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles aad Explanation