On January 1, 2020. Ayayai Ltd. (a public company) had the following shareholders' equity accounts: 0 Preferred shares, $4 non-cumulative, unlimited number authorized, none issued Common shares, unlimited number authorized 700,000 issued $ 3,500,000 1,100,000 Retained earnings Accumulated other comprehensive income 130,000 The following selected transactions occurred during 2020: Jan. 2 Issued 80,000 preferred shares at $100 per share. Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1. Mar. 5 Apr. 18 Issued 100,000 common shares at $8 per share. June 5 Sept. 5 Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1. Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1. Dec. 5 Dec. 31 Net income for the year was $350,000. Prepare journal entries to record the transactions above, as well as the closing entries for Income Summary and Dividends. (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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Cred > (To close income summary account) Enter beginning balances and post the entries to the shareholders' equity and dividends T accounts and arrive at the ending balances. (Post entries in the order of journal entries presented in the previous part.) Preferred Shares V Common Shares Retained Earnings Accumulated Other Comprehensive Income Dividends $ > Cash financing activities S