Question 2: Shareholder's Equity (16 Marka Gerry corporation is a mid-sized public company that had been in operation for many years. On December 31, 2021, it had an unlimited number of common shares authorised and 1 million shares issued with a dollar value of $2,400,000. As well, there were 5 million preferred shares authorized, with 10,000 of them issued with a dollar value of $700,000 The balance in retained earnings was $2,360,000. The preferred shares pay an annual dividend of $3 per share During 2022, the following transactions affected shareholders' equity 5 January 3-50,000 new common shares were issued at $24 per share. 6 January 6-12,000 new preferred shares were issued at $75 per share. 7 B 9 10 April 12-The board of directors declared and paid $0.60 dividend for all common shareholders and the required $5 per share dividend on preferred shares. Dec 31- The net income for 2022 was 5856,000. Prepare the required closing entries 11 12 Required: 13. Prepare the required journal entries 14 Date 15 January 3, 2022 Account Titles Debit Credit Complete the statement of changes in sha Analysis Question 4 LONRY Question 5