Question 3 Southwestern Exposure Ltd. began operations on January 2, 2020. During the year, the following transactions affected shareholders equity: 1. Southwestern Exposure's articles of incorporation authorize the issuance of 1,080,000 cemmon shares, and the issuance of 160,000 preferred shares, which pay an annual dividend of $1.70 per hare. 2. A totall of 245,00D common shares were issued for $4 a share. 3. A total of 15,000 preferred shares were issued for $13 per share. 4. The full annual dividend on the preterred shares was declared. 5. The dividend on the preferred shares was paid. 6. A dividend of $0.10 per share was dedared on the common shares but was not yet paid. A dividend The company had net Income of $150,000 for the year. (Assume sales of $830,000 and total operating expenses of $680,000.) 8. The dividends on the common shares were paid. 9. The dlasing entry for the dividends declared accounts was prepared. (a) Prepare joumal entries to record the above transactions, including the closing entries for net income and dividends declared. (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 for the aounts) No. Account and Debit Credit 2. 5