* Question 13 CINRICH Corporation was organized on January 1, 2018. It is authorized to issue 20,000 shares of $3.noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year. Jan. 1 Mar. 1 May 1 Sept. 1 Nov. 1 Dec. 1 Dec. 31 Issued 77,000 common shares for cash at $3 per share. issued 12,400 preferred shares for cash at $56 per share. Issued 123,000 common shares for cash at $5 per share. Issued 4,500 common shares for cash at $6 per share. Issued 2,900 preferred shares for cash at $58 per share. Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on December 15, payable on January 15, 2019 Reported net income of $126,000 for the year. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round average cost per share to 2 decimal places, e.g. 2.55 and answers to the nearest dollar e.g. 5,121. 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.) Account Titles and Explanation Debit Credit Record the closing entries for dividends and for the income summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no antry is required, select No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To dose cash dividends) (To dose profit / loss) accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Open Preferred Shares Common Shares Retained Earnings