P 15-8A The balance sheet for the Techno Corporation, provincially incorporated in 2019 , reported the following components of shareholders' equity on December 31, 2020 Techno Corporation Shareholders' Equity December 31, 2020 Contributed capital: Preferred shares, $1.50 cumulative, unlimited shares authorized; 20,000 shares issued and outstanding Common shares, unlimited shares authorized; 75,000 shares issued and outstanding.. Total contributed capital Retained earnings... Total shareholders' equity. $ 280,000 525,000 $ 805,000 270,000 $1,075,000 In 2021 and 2022, Techno Corporation had the following transactions affecting shareholders and the shareholder equity accounts: Jan. 2021 1 5 Sold 30,000 common shares at $7.60 per share. The directors declared a total cash dividend of $165,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2019 and 2020 . All of the preferred shares had been issued during 2019 Paid the dividends declared on January 5. Sold preferred shares for a total of $112,000. The average issue price was $16 per share. Closed the dividend accounts along with the $412,000 credit balance in the Income Summary account. Feb. July 28 1 Dec. 31 2022 5 Sept. The directors declared the required cash dividend on the preferred shares and a $1.00 per common share cash dividend payable on Oct. 28 to the Oct. 5 shareholders of record. Paid the dividends declared on September 5. Closed the Cash Dividends account along with the $388,000 credit balance in the Income Summary account. Oct. Dec. 28 31 Required 1. Prepare journal entries to record the transactions and closings for 2021 and 2022 2. Prepare a statement of retained earnings for the year ended December 31, 2022 3. Prepare the shareholders' equity section of the company's balance sheet as of December 31, 2022