Help

Save & Exit

Zen Aerospace Corporation reported the following equity account balances on December $31,2022$:

Preferred shares, $$3\mathrm{.}60$ cumulative, unlimited shares authorized Common shares, unlimited shares authorized, $29,000$ shares issued and outstanding

Retained earnings

$800,400$

$342,000$

In $2023,$ the company had the following transactions affecting shareholders and the shareholders' equity accounts:

Jan. $1$ Purchased and retired $3,800$ common shares at $$36$ per share.

$14$ The directors declared an $10\%$ share dividend distributable on February $5$ to the January $30$ shareholders of record. The shares were trading at $$47\mathrm{.}40$ per share.

$30$ Date of record regarding the $10\%$ share dividend.

Feb. $5$ Date of distribution regarding the $10\%$ share dividend.

July $6$ Sold $6,800$ preferred shares at $$78$ per share.

Sept. $5$ The directors declared a total cash dividend of $$48,017$ payable on October $5$ to the September $20$ shareholders of record.

Oct. $5$ The cash dividend declared on September $5$ was paid.

Dec. $31$ Closed the $$483,600$ credit balance in the Profit Summary account to Retainearnings.

$31$ closed the dividend accounts.

Required

Prepare journal entries to record the transactions and closings for $2023($assume the retirements were the first ever recorded by Zen Aerospace$).$ Assume share dividends and cash dividends account is used when dividends are declared. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$