Marshall Corporation, a publicly traded company, is authorized to issue 190,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders equity accounts:

Preferred shares (8,400 shares issued)$453,600Common shares (63,000 shares issued)882,000Contributed surplus22,900Retained earnings836,000Accumulated other comprehensive income9,100

The following equity transactions occurred in 2021:

Feb.6Issued 10,600 preferred shares for $646,600.Apr.6Issued 18,000 common shares for $495,000. 27Repurchased and retired 3,100 common shares at $16 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years.May29Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1.Aug.22Issued 8,800 common shares in exchange for a building. At the time of the exchange, the building was valued at $167,900 and the common shares at $153,000.Dec.14The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders.31Net income for the year was $534,000

Record the above transactions, including any entries required to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.)