Prepare journal entries to record the transactions above, as well as the closing entries for Income Summary and Dividends. $($List

all debit entries before credit entries. 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 $0$ for the amounts. Record

journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit Dividends Payable

No Entry

No Entry

Dividends Payable

Cash

Cash Dividends$-$Preferred

Dividends Payable

Income Summary

Retained Earnings

$($To close income summary account$)$

Cash Dividends$-$PreferredOn January $1,2023,$ Sunland Ltd$.($a public company$)$ had the following shareholders' equity accounts:

Preferred shares, $$8$ non$-$cumulative, unlimited number authorized, none issued

$0$

Common shares, unlimited number authorized, $700,000$ issued

$$4,200,000$

Retained earnings

$1,128,000$

Accumulated other comprehensive income

$144,000$

The following selected transactions occurred during $2023$ :

Jan. $2$ Issued $110,000$ preferred shares at $$100$ per share.

Mar. $5$ Declared the quarterly cash dividend to preferred shareholders of record on March $20,$ payable April $1.$

Apr. $18$ Issued $120,000$ common shares at $$9$ per share.

June $5$ Declared the quarterly cash dividend to preferred shareholders of record on June $20,$ payable July $1.$

Sept. $5$ Declared the quarterly cash dividend to preferred shareholders of record on September $20,$ payable October $1.$

Dec. $5$ Declared the quarterly cash dividend to preferred shareholders of record on December $20,$ payable January $1.$

Dec. $31$ Net income for the year was $$350,000.$