Record the above transactions for 2018, including any entries required to close dividends declared and net income to Retained Earnings.

i am sorry this question is bit long

Problem 11-4A On January 1, 2018, Cato Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, z.99 million issued $2,990,000 Retained earnings 4,130,000 The following selected transactions occurred during 2018: 2 Issued 220.000 preferred shares at $25 per share Jan Feb 8 Issued 110,000 common shares exchange for land, On this date, the current value of the land was $232,000. The common shares have not recently traded, but the last time they traded, they sold for $2.50 per share 5 Decared the quarterly cash dividend to preferred shareholders of record an March 20, payable April 2. Mar Apr. 18 Issued 378,000 common shares at s3.00 per share Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1 June 5 quarterly cash dividend to preferred shareholders of record an September 20, payable October 1, 5 Declare Sept. Dec. Decared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1. 5 14 Declared a cash dividend of $0.50 per share the common shareholders of record on December 31, payable January 10. 31 Net income for the year wass $1 million. Transaction entries: Account Titles and Explanation Debit Credit Date Mar. 20 June 20 Sept. 20 Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 (To record net income/(loss)) Dec. 31 (To close dividends) Open T accounts and post to the shareholders' equity accounts. (Record entries the order presented in the problem.) Preferred Shares Common Shares Retained Earnings Dividends Declared retained earnings for the year. (List items that increase retained earnings first.) Prepare a statement CATO LTD Statement of Retained Earnings $ SHOW LIST ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.) CATO LTD. Statement of Financial Position (Partial)