On January 1, 2020, Flint Ltd. (a public company) had the following shareholders equity accounts:

Preferred shares, $ 4 noncumulative, unlimited number authorized, none issued			0
Common shares, unlimited number authorized, 810,000 issued		$	7,290,000
Retained earnings			1,129,000
Accumulated other comprehensive income			143,0

The following selected transactions occurred during 2020:

Jan. 2		Issued 120,000 preferred shares at $ 80 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 $ 12 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 $ 390,000.

Prepare journal entries to record the transactions above, as well as the closing entries for Income Summary and Dividends.

Date	Account Titles and Explanation	Debit	Credit
	Cash
	Preferred Shares
	enter an account title	120,000
	Dividends Payable		120,000
	Dividends Payable	120,000
	Cash		120,000
	Cash
	enter an account title
	enter an account title
	enter an account title
	enter an account title
	enter an account title
	enter an account title
	enter an account title
	enter an account title
	enter an account title
	enter an account title
	enter an account title
	enter an account title
	(To close income summary account)
	enter an account title
	enter an account title
	(To close dividends 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
Transaction date	enter a debit amount	choose a transaction date	enter a credit amount
	enter a debit amount	choose a transaction date	enter a credit amount
	enter a debit balance	choose the end date of the accounting period	enter a credit balance

Common Shares
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose the end date of the accounting period	enter a debit balance	choose the end date of the accounting period	enter a credit balance

Retained Earnings
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose the end date of the accounting period	enter a debit balance	choose the end date of the accounting period	enter a credit balance

Accumulated Other Comprehensive Income
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose the end date of the accounting period	enter a debit balance	choose the end date of the accounting period	enter a credit balance

Dividends
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose the end date of the accounting period	enter a debit balance	choose the end date of the accounting period	enter a credit balance