On January 1, 2017, Ivanhoe Ltd. had the following shareholders' equity accounts: Common shares (1,000,000 issued) $1,200,000 Retained earnings 1,580,000 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2017, none had been issued. During 2017, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 73,000 preferred shares for $55 per share. Apr. 1 Paid quarterly dividend to preferred shareholders. July 1 Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 73,000 common shares for $1.30 per share. Oct. 1 Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.30 per share dividend to the common shareholders. Dec. 31 Loss for the year was $73,000. Journalize the transactions and the entries to close dividends and the Income Summary account. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 2 Cash 4015,000 Preferred Shares 4015,000 Apr. 1 Cash Dividends - Preferred 40,150 Cash 40,150 July 1 Cash Dividends - Preferred 40,150 Cash 40,150 Aug. 12 Cash 94,900 common charac 100 July 1 Cash Dividends - Preferred 40,150 Cash 40,150 Aug. 12 Cash 94,900 Common Shares 94,900 Oct. 1 Cash Dividends - Preferred 40,150 Cash 40,150 Dec. 31 Cash Dividends - Preferred 40,150 Cash Dividends - Common Cash (To record dividends paid) Dec. 31 Retained Earnings 73,000 Income Summary 73,000 (To close income summary account) Dec. 31 Retained Earnings Preferred Shares 73,000 Common Shares (To close dividend account) Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the previous part. (Post entries in the order of Journal entry presented in the previous part.) Preferred Shares Date Explanation Ref. Debit Credit Balance Dec. 31 Closing entry 11 Retained Earnings Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V Dec. 31 Closing entry J1 Dec. 31 Closing entry J1 Prepare the shareholders' equity section of the balance sheet at December 31, 2017, including any required disclosures. Assume Ivanhoe is reporting under ASPE. (Enter account name only and do not provide descriptive information.) IVANHOE LTD. Balance Sheet (Partial)