Help System Announcements Weygandi, Kiese, Trenholm, Irvine, and Burnley CBACK Problem 11-3A (Part Level Submission) Hircole Corporation, a publidy traded company, is authorized to issue 212.000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2016, the general ledger contained the following shareholders' equity accounts: Preferred shares (7.600 shares issued) $418,000 Common shares (70,000 shares issued) 980,000 Contributed surplus 22,600 Retained earnings 726,000 Accumulated other comprehensive income 9,000 The following equity transactions occurred in 2018: Feb. 6 Issued 9,200 preferred shares for $561,200. Apr 6 Issued 20,000 common shares for $550,000 27 Reacquired and retired 2,900 common shares at $16 per share. May 29 Dedared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable y 1. Aug, 22 Issued 8.900 common shares in exchange for a building. At the time of the exchange, the building was valued at $173.400 and the common shares at $159.000 Dec. 14 The board of directors decided there were insufficient funds to dedare the semi-amul dividend to the preferred shareholders 31 Net income for the year was $595,000. Record the above transactions, including any entries required to close dividends and net income. (Credit accountries are automatically indented when the amount is enter. Do not indentally, no entry is required select "No Entry for the account titles and enter for the amounts. Round average cost per share to 2 decimal palces .. 2.25 and final answers to decimal places) Account Titles and Explanation Debat Credit Date P 2 0 G 0 Dec. 14 Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 (To close net income/(loss).) Dec. 31 N w acer 992