On January 1, 2021. Ivanhoe Ltd. had the following shareholders' equity accounts: Common shares (1,000,000 issued) $1,400,000 Retained earnings 1.780,000 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 107,000 preferred shares for $50 per share. Apr. 1 Paid quarterly dividend to preferred shareholders. July 1 Paid quarterly dividend to preferred shareholders. Issued 107.000 common shares for $1.70 per share. Aug 12 Oct. 1 Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders and a $0,30 per share dividend to the common shareholders. Dec. 31 Dec 31 Loss for the year was $107.000 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 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation (To record issuance of shares.) I (To record issuance of shares.) Dec. 31 (To record dividends paid) 1 (To close Income Summary.) (To close dividends.) 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.) Preferred Shares Date Explanation Ref. Debit Credit Balance Jan. 2 31 Common Shares Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Aug. 12 01 Cash Dividends, Preferred Date Explanation Ref. Debit Credit Balance Apr. 1 1 July 1 31 Oct. 1 J1 Dec. 31 31 Dec. 31 Closing entry 11 Cash Dividends- Common Date Explanation Ref. Debit Credit Balance Retained Earnings Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Dec. 31 Closing entry J1 Dec 31 Closing entry Prepare the shareholders' equity section of the balance sheet at December 31, 2021, including any required disclosures. Assume Ivanhoe is reporting under ASPE. (Enter account name only and do not provide descriptive information.) IVANHOE LTD. Balance Sheet (Partial) C