On January 1,2024, Benton Ltd, a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued The following selected transactions occurred during 2024: Jan. 5 issued 220.000 preferred shares at $25 per share. Feb. 11 Issued 110,000 common shares in exchange for a building. On this date, the fair value of the building was $232,000. The common shares have not recently traded, but the last time they traded, they sold for $2.50 per share. Mar. 9 Declared the quarterly cash dividend to preferred shareholders of record on March 25, payable April 15. Apr: 28 Issued 378.000 common shares at $3 per share. June 15 Declared the quarterly cash dividend to preferred shareholders of record on June 30 , payable July 15. 5ept.5 Declared the quarterly cash dividend to preferred shareholders of record on September 15, payable October 11. The following selected transactions occurred during 2024: Jan. 5 Issued 220,000 preferred shares at $25 per share. Feb, 11 Issued 110,000 common shares in exchange for a building On this date, the fair value of the building was $232,000. The common shares have not recently traded, but the last time they traded, they sold for $2.50 per share. Mar. 9 Declared the quarterly cash dividend to preferred shareholders of record on March 25, payable April 15. Apr. 28 Issued 378,000 common shares at $3 per share. June 15 Declared the quarterly cash dividend to preferred shareholders of record on June 30 , payable July 15. Sept. 5 Declared the quarterly cash dividend to preferred shareholders of record on September 15, payable October 11. Oct. 13 Issued 44,000 preferred shares at $25 per share. Dec. 6 Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 10. 18 Declared a cash dividend of $0.50 per share to the common shareholders of record on December 31, payable January 10. 31 Net income for the year was $1.08 million. Record the transactions for 2024, including any entries required to close dividends declared and net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select " No Entry" for the account titles and enter O for the amounts.) Transaction entries