question 2 As of January 1st company 6 has 300,000 common shares issued at $7.00 per share 25000 $2 perferred shares issued at $50 per share the following transactions occurred 3-Jan issued 75000 new common shares to investors for $10.00 per share 1-Apr declared cash divided of $0.25 per share (Plus the Preferred Dividend) 30-Apr paid cash divdend 31-Dec Net income of $270,000 (Make Closing Entries) Record the above transactions Date Description DR CR 3-Jan 1-April 30-Apr 31-Dec