Richetti Corporation, a publicly traded company, is authorized to issue $530,000$$$4$ cumulative preferred shares and an unlimited number of common shares. On January $1,2024,$ the general ledger contained the

following shareholders' equity accounts:

The following equity transactions occurred in $2024$ :

Jan. $4$ Issued $31,800$ common shares for $$318,000.$

Apr. $15$ Issued $12,720$ preferred shares for $$1,017,600.$

$29$ Repurchased and retired $10,600$ common shares at $$7\mathrm{.}50$ per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years.

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

Aug. $13$ Issued $26,500$ common shares for $$185,500.$

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 $$1,030,320.$ 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. Cr

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 $0$ for the amounts. Round average cost per share to $2$

places, e$.$g$.2\mathrm{.}25$ and final answers to $0$ decimal places.$)$

Date

Account Titles

Debit

Credit

Cash

Common Shares

$318000$

Cash

Preferred Shares Closing entries: Closing entries:

$($To close net income$/($loss$))$

$($To close dividends.$)$