Question 2 of 2 On January 1, 2024, Sunland Ltd. had the following shareholders' equity accounts: Common shares (1,020,000 issued) $1,530,000 Retained earnings 1,836,000 -/1 E The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Mar. 31 June 30 12 Aug Sept. 30 Dec. 31 Issued 102.000 preferred shares for $50 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 90,000 common shares for $1.70 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders Question 2 of 2 Dec. 31 Loss for the year was $99,500. -/1 Journalize the transactions and the entries to close dividends and the Income Summary account. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit Question 2 of 2 < -/1 E Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the previous part. (Post entries in the order of journal entries presented in the previous part.) Preferred Shares Date Explanation Ref. Debit Credit Balance Jan. 2 31 Common Shares Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Aug. 12 J1 Cash Dividends-Preferred Date Explanation Ref. Debit Credit Balance Question 2 of 2 Cash Dividends-Preferred -/1 E Date Explanation Ref. Debit Credit Balance Mar. 31 J1 June 30 J1 Sept. 30 J1 Dec. 31 01 Dec. 31 Closing entry J1 Cash Dividends-Common Date Explanation Ref. Debit Credit Balance Dec. 31 J1 Question 2 of 2 < Dec. 31 Closing entry 31 Retained Earnings -/1 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Dec. 31 Closing entry J1 Dec. 31 Closing entry J1 eTextbook and Media List of Accounts Question 2 of 2 -/1 E Prepare the shareholders' equity section of the balance sheet at December 31, 2024, including any required disclosures. Assume Sunland is reporting under ASPE. (Enter account name only and do not provide descriptive information.) SUNLAND LTD. Balance Sheet (Partial)