question 2 As of January 1st company 6 has 500,000 common shares issued at $10.00 per share 40,000 $3 perferred shares issued at $75 per share the following transactions occurred 5-Jan issued 10,000 new Preferred shares to investors for $100.00 per share 1-Apr declared cash divided of $200,000 REMEMBER THE NEW SHARES!!!!!! 15-Apr paid cash dividend 31-Dec Net income of $345,678 Make the entry to close Income Summary Account Record the above transactions Date Description DR CR 5-Jan 2 marks 1-Apr 3 marks REMEMBER THE NEW SHARES!!!!!! 10 total 15-Apr 3 marks 31-Dec 2 marks