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H55 Corporation, a publicly traded company, is authorized to issue 190,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1,

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H55 Corporation, a publicly traded company, is authorized to issue 190,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,400 shares issued) $453,600 Common shares (63,000 shares issued) 882,000 Contributed surplus 22,900 Retained earnings 836,000 Accumulated other comprehensive income 9,100 The following equity transactions occurred in 2018: Feb. 6 Apr. 6 27 May 29 Aug. 22 Issued 10,600 preferred shares for $646,600. Issued 18,000 common shares for $495,000. Reacquired and retired 3,100 common shares at $16 per share. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Issued 8,800 common shares in exchange for a building. At the time of the exchange, the building was valued at $167,900 and the common shares at $153,000. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $534,000. Dec. 14 31 Record the above transactions, including any entries required to close dividends and net income. (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. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.)

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