On January 1, 2021, Cullumber Ltd. had the following shareholders' equity accounts:

Common shares (1,000,000 issued)		$1,700,000
Retained earnings		1,960,000

The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2021, none had been issued. During 2021, the corporation had the following transactions and events related to its shareholders' equity:

Jan.	2		Issued 95,000 preferred shares for $44 per share.
Apr.	1		Paid quarterly dividend to preferred shareholders.
July	1		Paid quarterly dividend to preferred shareholders.
Aug.	12		Issued 95,000 common shares for $1.30 per share.
Oct.	1		Paid quarterly dividend to preferred shareholders.
Dec.	31		Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders.
Dec.	31		Loss for the year was $95,000.

Part 1

Journalize the transactions and the entries to close dividends and the Income Summary account. (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.)

Part 2

Open general ledger accounts for the shareholders equity accounts, enter the beginning balances, and post entries from the previous part. (Post entries in the order of Journal entry presented in the previous part.)

Part 3

Prepare the shareholders' equity section of the balance sheet at December 31, 2021, including any required disclosures. Assume Cullumber is reporting under ASPE. (Enter account name only and do not provide descriptive information.)