Southern Exposure Ltd. begins operations on January 2, 2016. During the year, the following transactions affect shareholders' equity Southern Exposure's articles of incorporation authorizes the issuance of 1,019,500 common shares, and the issuance of 105,400 preferred shares, which pay an annual dividend of $2.00 per share. A total of 239,230 common shares are issued for $5 a share. . 3. A total of 15,780 preferred shares are issued for $14 per share. 4- The full annual dividend on the preferred shares is declared 5. The dividend on the preferred shares is paid 6. A dividend of $0.10 per share is declared on the common shares but is not yet paid 7. The company has net income of $145,500 for the year. (Assume sales of $697,500 and total operating expenses of $552,000.) B. The dividends on the common shares are paid. 9. The closing entry for the dividends declared accounts is prepared. Prepare joumal entries to record the above transactions, including the dosing entries for net income and dividends declared mentioned in items 4 through 7 above. (Enter debit entries first followed by credit entries. 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 0 for the amounts.) No. Account and explanation 2. 5. 6