On January 1, 2020, Blue Spruce Ltd. (a public company) had the following shareholders' equity accounts: Preferred shares, $7 non-cumulative, unlimited number authorized, none issued 0 Common shares, unlimited number authorized, 770,000 issued $ 3,850,000 Retained earnings 1,106,000 Accumulated other comprehensive income 144,000 The following selected transactions occurred during 2020: Jan. 2 Issued 110,000 preferred shares at $100 per share. Mar. 5 Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1. Apr. 18 Issued 150,000 common shares at $8 per share. June 5 Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. Sept. 5 Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1. Dec. 5 Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1. Dec. 31 Net income for the year was $410,000. 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 o for the amounts. Record journal entries in the order presented in the problem.) ccount Titles and Explanation Debit Credit Cash 11000000 Preferred Shares 11000000 Dividends 82500 Dividends Payable 82500 Dividends Payable 82500 Cash 82500 Cash 1200000 Dividends Payable 1200000 Dividends 82500 Dividends Payable 82500 Dividends 82500 Dividends Payable 82500 Dividends 82500 Dividends Payable 82500 Dividends Payable 82500 Cash 82500 Dividends Payable 82500 Dividends Payable TATTI 82500 Income Summary 410000 Retained Earnings 410000 To close income summary account) Retained Earnings 3300000 Dividends 3300000 To close dividends account)