number of common shares. On January $1,2024,$ the general ledger contained the following shareholders' equity accounts:

The following equity transactions occurred in $2024$ :

Jan. $4$ Issued $32,400$ common shares for $$324,000.$

Apr. $15$ Issued $12,960$ preferred shares for $$1,036,800.$

$29$ Repurchased and retired $10\mathrm{.}800$ common shares at $$7\mathrm{.}50$ per share. The balance in the Contributed Surplus account

arose from the repurchase of common shares in prior years.

May $17$ Declared a semi$-$annual cash dividend to the preferred shareholders of record at June $14,$ payable July $5.$

Aug. $13$ Issued $27,000$ common shares for $$189,000.$

Dec. $16$ The board of directors decided there were insufficient funds to declare the semi$-$annual dividend to the preferred

shareholders.

$31$ Net income for the year was $$1,049,760.$

Record the above transactions, including any entries required to close dividends declared and net income. $($List all debit entries

before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when

the amount is entered. Do not indent manuafly. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts.

Round average cost per share to $2$ decimal places, es$.2\mathrm{.}25$ and final answers to $0$ decimal places.$)$

Closing entries:

Date

Account Titles and Explanation

Dec. $31$

Income Summary

Retained Earnings

$($To close net income$/($loss$))$

Dec. $31$

Retained Earnings

Dividends Declared

$($To close dividends.$)$

Debit

Credit

$1049760$

$1049760$