Oak Corporation, a publicly traded company, is authorized to issue 212,000 $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 (7,600 shares issued)$418,000Common shares (70,000 shares issued)980,000Contributed surplus22,600Retained earnings726,000Accumulated other comprehensive income9,000

The following equity transactions occurred in 2021:

Feb.6Issued 9,200 preferred shares for $561,200.Apr.6Issued 20,000 common shares for $550,000.

27Repurchased and retired 2,900 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 8,900 common shares in exchange for a building. At the time of the exchange, the building was valued at $173,400 and the common shares at $159,000.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 $595,000.

Record the above transactions, including any entries required to close dividends and net income.

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 O for the amounts. Round average cost per share to 2 decimal palces. e.g. 2 25 and final answers to O decimal places) Date Account Titles and Explanation Debit Credit eb. 6 V pr. 6 Apr. 27 V May 29 V June 12 V Tly 1 Aug. 22 V Dec. 31 Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 (To close net income/(loss).) Dec. 31 (To close dividends.)Oak Corporation, a publicly traded company, is authorized to issue 212,000 $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 (7,600 shares issued) $418,000 Common shares (70,000 shares issued) 980,000 Contributed surplus 22,600 Retained earnings 726,000 Accumulated other comprehensive income 9,000 The following equity transactions occurred in 2021: Feb. 6 Issued 9,200 preferred shares for $561,200. Apr. 6 Issued 20,000 common shares for $550,000. 27 Repurchased and retired 2,900 common shares at $16 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 8,900 common shares in exchange for a building. At the time of the exchange, the building was valued at $173,400 and the common shares at $159,000. Dec. 14 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 $595,000