Lighthouse Company Ltd. just hired you to do their corporate accounting. They are authorized to issue 100,000 $4 preferred shares. The company can issue unlimited common shares, and has 57,000 common shares outstanding worth $257,500 and no preferred shares issued. Currently, the opening retained earnings equals $294,000. Jan. 22 Lighthouse Company Ltd. issued 2,000 common shares in exchange for land valued at $69,000. (2 marks) Feb. 10 To distribute earnings to shareholders, the board of directors declared a 5% share dividend to shareholders of record on Mar. 4, to be distributed on Mar. 19. The shares trade for $7 a share. (6 marks) Mar. 19 Issued the share dividend. Apr. 10 Sold and issued 14,000 preferred shares for cash at $22 per share. (2.5 marks) May 25 The board declared total cash dividends of $70,000 to shareholders of record on May 17, payable on Jun. 4. (7 marks) Jun. 4 Paid the cash dividend. Dec. 31 Lighthouse Company Ltd. earned a net income of $333,000 for the year. Close out the income summary account and any other temporary equity accounts. (3.5 marks)