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

Preferred shares, $6 noncumulative, unlimited number authorized, none issued			0
Common shares, unlimited number authorized, 770,000 issued		$	3,850,000
Retained earnings			1,240,000
Accumulated other comprehensive income			132,000

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 $430,000.

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 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title to close income summary account	enter a debit amount	enter a credit amount
	enter an account title to close income summary account	enter a debit amount	enter a credit amount
	(To close income summary account)
choose a transaction date Jan. 2Mar. 5Apr. 1Apr. 18June 5July 1Sept. 5Oct. 1Dec. 5Dec. 31	enter an account title to close dividends account	enter a debit amount	enter a credit amount
	enter an account title to close dividends account	enter a debit amount	enter a credit amount
	(To close dividends account)