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The post-closing trial balance of Wildhorse Corporation at December 31, 2021, contains the following shareholders' equity accounts: $5 noncumulative preferred shares (10,100 issued) Common shares (415,300 issued) Retained earnings $1,161,500 2,085,200 3,166,450 A review of the accounting records reveals the following: 1. 2. 3. The January 1, 2021, balance in Preferred Shares was $1,161,500, Common Shares was $1,326,000 (331,500 shares), the balance in Contributed Surplus-Reacquisition of Common Shares was $33,300, and the balance in Retained Earnings was $2,451,000. One of the company's shareholders needed cash for a personal expenditure. On January 15, the company agreed to reacquire 22,200 shares from this shareholder for $7 per share. On July 1, the company corrected a prior period error that resulted in an increase to the Long-Term Investment account, as well as to the prior year's profit of $261,000 before income tax. On October 1, 106,000 common shares were sold for $8 per share. The preferred shareholders' dividend was declared and paid in 2021 for two quarters. Due to a cash shortage, the last two quarters' divid were not declared or paid. Profit for the year before income tax was $771,000. The company has a 25% income tax rate. 4. 5. 6. Open general ledger accounts for the shareholders' equity accounts listed in item (1) above and enter opening balances. Preferred Shares Debit Date Explanation Ref. Credit Balance Jan. 1 Balance Common Shares Debit Credit Balance Date Explanation Ref. Jan. 1 Balance Contributed SurplusReacquisition of Common Shares Date Explanation Ref. Debit Credit Jan. 1 Balance Balance Retained Earnings Debit Date Explanation Ref. Credit Balance Jan. 1 Balance Prepare journal entries to record transactions (2) to (5) and post to general ledger accounts. (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 Jan. 15 (To record reacquisition of common shares.) (To record cash dividend.) (To record cash dividend.) (To record correction of error.) (Issued common shares for cash.) Preferred Shares Debit Ref. Credit Date Explanation Jan. 1 Balance Balance 1,161,500 Common Shares Debit Ref. Credit Balance 1,326,000 Date Explanation Jan. 1 Balance Jan. Reacquisition of 15 shares Oct. 1 Issue of shares J1 J1 Contributed Surplus-Reacquisition of Common Shares Ref. Debit Credit V Balance Date Explanation Jan. 1 Balance Jan. Reacquisition of 15 shares 33,300 J1 Retained Earnings Debit Credit Ref. v Balance 2,451,000 Date Explanation Jan. 1 Balance Jan. Reacquisition of 15 shares July 1 Prior period error J1 J1 Prepare entries to close dividends and the Income Summary account and post. (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.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close Income Summary.) Dec. 31 (To close dividends to retained earnings.) Preferred Shares Debit Date Credit Explanation Balance Ref. V Balance 1,161,500 Jan. 1 Common Shares Debit Credit Ref. Balance 1,326,000 Date Explanation Jan. 1 Balance Reacquisition of Jan. 15 shares Oct. 1 Issue of shares J1 88,800 1,237,200 2,085,200 J1 848,000 Contributed Surplus-Reacquisition of Common Shares Ref. Debit Credit V Balance 33,300 Date Explanation Jan. 1 Balance Reacquisition of Jan. 15 shares J1 33,300 0 Retained Earnings Debit Credit Ref. V Balance 2,451,000 J1 33,300 2,417,700 Date Explanation Jan. 1 Balance Reacquisition of Jan. 15 shares July 1 Prior period error Dec. Income Summary 31 Dec. Dividends 31 J1 195,750 2,613,450 J1 J1