Granger Corporation, a publicly traded company, is authorized to issue 197,000$4 noncumulative preferred shares and an unlimited number of common shares, On January 1,2021, the general ledger contained the following shareholders' equity accounts: The following equity transactions occurred in 2021 : Feb. 6 Issued 10,700 preferred shares for $631,300. Apr. 6 Issued 19,600 common shares for $539,000. 27 Repurchased and retired 3,000 common shares at $16 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 9,300 common shares in exchange for a building. At the time of the exchange, the building was valued at $154,600 and the common shares at $139,000. Dec. 14 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. 31 Net income for the year was $523,000. Record the above transactions, including any entries required to close dividends and net income: (List all debit entries before credit entries. Credit occount titles are outomatically indented when the amount is entered. Do not indent manually, If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Round average cost per share to 2 decimal palces. eg 2.25 and final answers to O decimal ploces: Dividends Payatile Closing entries