Forroeptember payavici Oct. 13 Issued 41,000 preferred shares at $25 per share. Dec. 6 Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 10. 18 Declared a cash dividend of $0.50 per share to the common shareholders of record on December 31, payable January 10. 31 Net income for the year was $1.05 million. (a) Your answer is partially correct. Record the transactions for 2024, including any entries required to close dividends declared and net income. (List all debit entries before credit entries. Record journal entries in the order.presented in the problem. 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 O for the amounts.) Transaction entries: Date Account Titles Debit Credit