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Ayayai Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the general ledger contained the following shareholders' equity accounts: Preferred shares (10,000 shares issued) Common shares (40,000 shares issued) Retained earnings $450,000 480,000 650,000 The following equity transactions occurred during the year ended January 31, 2021 Feb 28 Issued 4.000 preferred shares for $200,000 Apr 12 Issued 180,000 common shares for $2.34 million May 25 Issued 4.000 common shares in exchange for land. At the time of the exchange, the land was valued at $48.000 Jan Paid dividend of $2.50 per share to preferred shareholders. 31 A loss of $40,000 was incurred for the year, 1 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) Date Account Titles and Explanation Debit Credit Feb 26 Cash Preferred Shares 208,000 (To record issuance of shares) Cash 2,340,000 200.000 Common Shares 2.340,000 To record issuance of shares) May 25 Land 48.000 Common Shares 48.000 To record issuance of shares) Cath vidends Preferred 35.000 35,000 To record declaration and nement of dividend (To record declaration and payment of dividend.) Retained Earnings Jan 31 40,000 Income Summary 40,000 A (To close Income Summary.) Jan. 31 Retained Earnings 35.000 V Ao Cash Dividends - Preferred 35.000 To close dividends. Qu Acce Open general ledger accounts for the shareholders' equity accounts and post entries from previous part. (Post entries in the order of Journal entry presented in the previous part (a.) Preferred Shares Date Explanation Feb. 1 Balance Ref. Debit Credit Balance 7 450000 Feb. 28 11 208000 658000 Common Shares Date Explanation Feb. 1 Balance Ref. Debit Credit Balance 480000 Apt. 12 11 2340000 2820000 May 25 J1 48000 2868000 Cash Dividends-Preferred Date Explanation Jan. 1 Ref. Debit Credit Balance 35000 35000 Jan. 31 Closing entry J1 35000 0 Retained Earnings Date Explanation Ref. Debit Credit Balance Feb. 1 Balance 650000 Jan. 31 Closing Entry J1 40000 610000 Jan 31 Closing Entry Ji 35000 575000 . eTextbook and Media List of Accounts Prepare the shareholders' equity section of the balance sheet at January 31, 2021, including any required disclosures. Assume Avayalls reporting under ASPE and there were no preferred dividend arrears at January 31, 2020 (Enter account name only and do not provide descriptive information) AYAYAI CORPORATION Balance Sheet (Partial) January 31, 2021 Share Capital Current Liabilities Accounts Payable $ . $