The equity accounts of Marya SA on January 1, 2017, were as follows. Share Capital-Preference (9%, 100 par, cumulative, 5,000 shares authorized) Share Capital-Ordinary (3 stated value, 300,000 shares authorized) Share Premium-Preference Share Premium-Ordinary Retained Earnings Treasury Shares- Ordinary (5,000 shares) During 2017, the corporation had the following transactions and events pertaining to its equity. 300,000 660,000 20,000 396,000 488,000 30,000 Feb. Issued 2,800 ordinary shares for 18,200. Purchased 1,200 additional treasury shares (ordinary) at 6 per share. 1 Mar. 20 June 14 Sold 4,000 treasury shares (ordinary) for 26,000. Sept. 3 Issued 2,000 ordinary shares for a patent valued at 14,000. Dec. 31 Determined that net income for the year was 365,000. No dividends were declared during the year. Instructions (a) Journalize the transactions and the closing entry for net income. (b) Enter the beginning balances in the accounts and post the journal entries to the equity accounts. (Use J1 as the posting reference.) (c) Prepare an equity section at December 31, 2017, including the disclosure of the prefer- ence dividends in arrears.