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Duffy Dog Corporation, a publicly traded company, is authorized to issue 190,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (7,800 shares issued) $421,200 Common shares (77,000 shares issued) 1,078,000 Contributed surplus 23.100 Retained earnings 864,000 Accumulated other comprehensive income 10,100 The following equity transactions occurred in 2018: Feb. 6 Issued 10,200 preferred shares for $622,200. Apr. 6 Issued 22,000 common shares for $605,000. 27 Reacquired and retired 2,700 common shares at $16 per share. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 8,400 common shares in exchange for a building. At the time of the exchange, the building was valued at $164,700 and the common shares at $149,000. Dec. 14 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. 31 Net income for the year was $570,000. Peu. LASI 022 200 Preferred Shares 622200 Apr. 6 Cash 605000 Common Shares 605000 Apr. 27 Common Shares 74250 Contributed Surplus 31050 Cash 43200 May 29 Dividends Declared 36000 Dividends Payable 36000 June 12 No Entry No Entry July 1 Dividends Payable 36000 Cash 36000 Aug. 22 Buildings 164700 Common Shares 164700 Dec. 14 No Entry Debit Credit Date Account Titles and Explanation Dec. 31 Income Summary 570000 Retained Earnings 570000 (To close net income/(loss).). Dec. 31 | Dividends Declared Dividends Payable (To close dividends.) eTextbook and Media