Part A. Journalize the transactions and the entries to close dividends ans yhe incime summary account. ( 1st and 2nd and 3rd picture)

Part B.

prepare the shareholders equity section of the balance sheet at January 31, 2024. Including any required disclosures. Assume Sheffield is reporting under a PE and there was no preferred dividend arrears At January 31,2023.(4th Picture)

Sheffield Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2023, the general ledger contained the following shareholders' equity accounts: The following equity transactions occurred during the year ended January 31, 2024: Feb. 28 Issued 4,800 preferred shares for $264,000. Apr. 12 Issued 192.000 common shares for $3.072 million. May 25 Issued 4,800 common shares in exchange for land. At the time of the exchange, the land was valued at $72,000. Jan. 1 Paid dividend of $2.50 per share to preferred shareholders. Jan. 31 Aloss of $48,000 was incurred for the year: Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles ore outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (To close Income Summary) (To close dividends) Prepare the shareholders' equity section of the balance sheet at January 31,2024 , including any required disclosures. Assume Sheffield is reporting under ASPE and there were no preferred dividend arrears at January 31, 2023. (Enter account name only and do not provide descriptive information.)