Ivanhoe Ltd. began operations on January 2, 2024. During the year, the following transactions affected shareholders' equity: 1. Ivanhoe's articles of incorporation authorize the issuance of 2.5 million common shares and the issuance of 252,000 preferred shares, the latter of which pay an annual dividend of $4.0 per share. 2. A total of 302,000 common shares were issued for $8 a share. 3. A total of 30,000 preferred shares were issued for $12 per share, 4. The full annual dividend on the preferred shares was deciared. 5. The dividend on the preferred shares was paid. 6. Adividend of $0.10 per share was declared on the common shares but was not yet paid. 7. The company had net income of $180,000 for the year. (Assume sales of $509,000 and total operating expenses of $329,000. 8. The dividends on the common shares were paid. 9. The ciosing entry f dr the Dividends Declared account was prepared. Prepare journal entries to record the above transactions, including the closing entries for net income and dividends declared. (Credit account tities are outomatically 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. List all debit entries before credit entries.) 5. 6. 7. (To close revenue account.) (To close expense account.) (To dose net income.) (To dose net income.) 8. 9