P11.3A Largent Corporation, a publicly traded company, is authorized to issue 200,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,000 shares issued) $ 440,000 Common shares (70,000 shares issued) 1,050,000 Contributed surplus 25,000 Retained earnings 800,000 Accumulated other comprehensive income 10,000 The following equity transactions occurred in 2021: Jan. 6 Issued 10,000 preferred shares for $600,000. Apr.6 Issued 20,000 common shares for $570,000. 27 Repurchased and retired 3,000 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. May Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, 29 payable July 1. Aug.22 Issued 9,000 common shares in exchange for a building. At the time of the exchange, the building was valued at $165,000 and the common shares at $150,000. Dec. The board of directors decided there were insufficient funds to declare the semi-annual dividend 14 to the preferred shareholders. 31 Net income for the year was $582,000. Instructions a) Record the above transactions, including any entries required to close dividends and net income. b) Open T accounts and post to the shareholders' equity accounts. c) Prepare the statement of changes in equity for the year. d) Prepare the shareholders' equity section of the statement of financial position at December 31, including any required note disclosure