Required:

1. Prepare journal entries to record the transactions and closings for 2023 and 2024. The company uses a cash dividends account to record declared dividends.

1. Record the issuance of 29,000 common shares
2. Record the dividend declared on preferred shares and common shares.
3. Record cash dividend paid.
4. Record the issuance of preferred shares.
5. Record to close the dividend account
6. Record to close the profit to retained earnings.
7. Record the dividend declared on preferred shares and common shares.
8. Record to close the cash dividends account.
9. Record to close the income summary account.