Question 2 of 3 < > -/10 Steering Corporation, a publicly traded company, is authorized to issue 203,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (7,700 shares issued) $431,200 Common shares (64,400 shares issued) 966,000 Contributed surplus 23,200 Retained earnings 804,000 Accumulated other comprehensive income 9,200 The following equity transactions occurred in 2021: Feb. 6 Apr. 6 27 May 29 Aug 22 Dec. 14 Issued 10,200 preferred shares for $622,200. Issued 18,400 common shares for $524.400. Repurchased and retired 2,800 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12. payable July 1. Issued 9.100 common shares in exchange for a building. At the time of the exchange, the building was valued at $165,700 and the common shares at $151,000 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred Q Sear Question 2 of 3 < > The following equity transactions occurred in 2021: Feb. 6 Issued 10,200 preferred shares for $622,200. Apr. 6 Issued 18,400 common shares for $524,400. 27 27 -/10 E May 29 Aug. 22 Dec. 14 31 Repurchased and retired 2,800 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Issued 9.100 common shares in exchange for a building. At the time of the exchange, the building was valued at $165,700 and the common shares at $151.000. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $527,000. (a) (a) Record the above transactions, including any entries required to close dividends and net income. (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 O for the amounts. Round average cost per share to 2 decimal palces, eg. 2.25 and final answers to O decimal places.) Date Account Titles and Explanation Debit Credit Question 2 of 3 < < -/10 E Question 2 of 3 Closing entries: Date Account Titles and Explanation Dec. 31 Dec. 31 (To close net income/(loss).) (To close dividends.) Q Search -/10 Debit Credit