Mongolfier Corp. reports the following shareholders' equity as of December 31, 2020: Preferred shares, $5 cumulative, $110 at liquidation, 200,000 shares authorized, 90,000 shares issued $ 5,400,000 Common shares, 500,000 shares authorized, 200,000 shares issued 2,750,000 Total contributed capital 8,150,000 Retained earnings 3,400,000 Total shareholders' equity $11.550.000 Required: a). Assume net income for 2020 was $825,000. Journalize the entry to close net income to retained earnings. b) Assume the board of directors declares dividends of $1,850,000 in 2020. No dividends were declared in 2020. Calculate the amount per share each class of shares will receive c) What was the average issue price per common share? d) What was the average issue price per preferred share