On January 1, 2020, Flint Ltd. (a public company) had the following shareholders' equity accounts: Preferred shares, $4 non-cumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 810,000 issued Retained earnings Accumulated other comprehensive income 0 $ 7,290,000 1,129,000 143,000 The following selected transactions occurred during 2020: Jan. 2 Issued 120,000 preferred shares at $80 per share. Mar. 5 Apr. 18 Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1. Issued 150,000 common shares at $12 per share. June 5 Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. Sept. 5 Dec. 5 Dec. 31 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. Net income for the year was $390,000. 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.) Date Account Titles and Explanation Jan. 2 Cash Preferred Shares Mar. 5 v Dividends Dividends Payable Apr. 18 Cash Common Shares June 5 Dividends Dividends Payable July 1 Dividends Payable Cash Debit 9600000 120000 1800000 120000 120000 Credit 9600000 120000 1800000 120000 120000 Sept. 5 Common Stock Dividends Distributable 120000 Dividends Payable Oct. 1 v Dividends Payable Cash Dec. 5 Dividends Dividends Payable Dec. 5 v Dividends Dividends Payable Dec. 31 v Income Summary Retained Earnings (To close income summary account) Dec. 31 v Retained Earnings Dividends (To close dividends account) List of Accounts 120000 120000 120000 390000 480000 12000C 12000C 12000C 120000 39000C 480000 Accumulated Other Comprehensive Income > Dividends Prepare the statement of changes in shareholders' equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Flin Statement of Changes Preferred Shares Common Shares Number of Shares Share Capital Number of Shares Balance Jan, 1, 2020 $ Issued preferred shares Issued common shares Declared dividends Net earnings Balance, December 31, 2020 $ List of Accounts Prepare the statement of changes in shareholders' equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) FlintLtd. Statement of Changes in Shareholders' Equity Common Shares Number of Shares Share Capital Retained Earnings $ $ List of Accounts Accumulated Other Comprehensive Income $ $ S $ Prepare the shareholders' equity section of the SFP at December 31. 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 Jan. 1 v 0 Jan. 2 v 9600000 Dec. 31 v 9600000 Common Shares Jan. 1 Retained Earnings