Question $3$ of

May $17$ Declared a semi$-$annual cash dividend to the preterred shareholders of record at June $14,$ payable July $5.$

Aug. $13$ Issued $28,000$ common shares for $$196,000$

Dec. $16$ The board of directors decided there were insufficient funds to declare the semi$-$annual dividend to the preferred

shareholders.

$31$ Net income for the year was $$1,088,640.$

Record the above transactions, including any entries required to close dividends declared and net income. $($List all debit entries

before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when

amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account

$($b$)$

The parts of this question must be completed in order. This part will be available when you complete the part above.

$($c$)$

The parts of this question must be completed in order. This part will be available when you complete the part above.