On January 1, 2021, H55 Ltd. a private company, had the following shareholdersequity accounts Preferred shares. $10 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 3.23 million issued $3,230,000 Retained earnings 3,960,000 The following selected transactions occurred during 2021: Jan. 2 Issued 220,000 preferred shares at $25 per share. Feb 8 Issued 110.000 common shares in exchange for land. On this date, the fair value of the land was $238,000. The common shares have not recently traded, but the last time they traded, they sold for $2.5 per share Mar 5 Declared the quarterly cash dividend to preferred shareholders of record on March 20. payable April 2. . 18 issued 430,000 common shares at $3 per share. June 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 Issued 37.000 preferred shares at $25 pershare Dec. 5 Declared the quarterly cash dividend to preferred shareholders of record on December 20. payable January 1 Declared a cash dividend of 50.5 per share to the common shareholders of record on December 31. payable ay 10 31 Net income for the vear was $106 million in un 4 14 (a) Record the above transactions for 2021, including any entries required to close dividends and net income to Retained Earnings. (List all debit entries before credit entries. Creditoccount 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 for the amounts) Transaction entries Date Account Titles and Explanation Debit Credit Closing entries Date Account Takes and Explanation Dec Debit dit 31 To record net income foss) Dec 31 To dose dividends eTextbook and Media List of Accounts Atmos: 0 of 3 Bull PS