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Current Attempt in Progress On January 1, 2024, Blossom Ltd. had the following shareholders' equity accounts: Commonshares(1,090,000issued)Retainedearnings$1,635,0001,962,000 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1,2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity. Jan. 2 Issued 109,000 preferred shares for $50 per share. Mar. 31 Paid quarterly dividend to preferred shareholders. June 30 Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 104,000 common shares for $1.70 per share. Sept. 30 Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Dec. 31 Loss for the year was $103,000. Sept. 30 J1 Dec. 31 J1 Dec. 31 Closing entry J1 Cash Dividends-Common Date Explanation Dec. 31 Ref. J1 Dec. 31 Closing entry Debit Credit Credit J1 Balance Retained Earnings Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Dec. 31 Closing entry J1 Dec. 31 Closing entry ]1 eTextbook and Media List of Accounts Prepare the shareholders' equity section of the balance sheet at December 31, 2024, including any required disclosures. Assume Blossom is reporting under ASPE. (Enter account name only and do not provide descriptive information.) BLOSSOM LTD. Balance Sheet (Partial) eTextbook and Media List of Accounts Journalize the transactions and the entries to close dividends and the Income Summary account. (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. Record joumal entries in the order presented in the problem. List all debit entries before credit entries.) (To record dividends paid) (To close Income Summary) (To close dividends) eTextbook and Media List of Accounts Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the previous part. (Post entries in the order of journal entries presented in the previous part.) Preferred Shares Common Shares Cash Dividends-Preferred DateExplanationRef.Mar.31J1 June 30 Sept. 30 Dec. 31 Dec. 31 Closing entry Dec. 31 Closing entry Cash Dividends-Common J1 J1. 11 11 Credit Balance 1 Debit Balance