Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $157,000. The average issue price was $20 per share. Dec. 31 Closed the dividend accounts along with the $577,700 credit balance in the Income Summary account. 2015 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $2.3 per common share cash dividend payable on Oct. 28 to the Oct. 5 shareholders of record. Oct. 28 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $544,100 credit balance in the Income Summary account. Required: 1. Prepare journal entries to record the transactions and closings for 2014 and 2015