The balance sheet for Best Controls Inc. provincially incorporated in 2018, reported the following components of equity on December 31, 2019 Best Controls Inc. Equity Section of the Balance Sheet December 31, 2019 Contributed capital: Preferred shares, $1.2 cumulative, unlimited shares authorized; 11,000 shares issued and outstanding Common shares, unlimited shares authorized; 66,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 383,000 726,000 $1,109,000 369,000 $1,478,000 In 2020, the company had the following transactions affecting shareholders and the equity accounts: 2020 Jan. 1 Sold 21,000 common shares at $9.74 per share. 5 The directors declared a total cash dividend of $222,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2018 and 2019. All of the preferred shares had been issued during 2018. Feb 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $155,900. The average issue price was $20 per share. Dec. 31 Closed the dividend accounts along with the $575,900 credit balance in the Income Summary account. Required: 1. Prepare journal entries to record the transactions and closings for 2020. The company uses a cash dividends account to record declared dividends. View transaction list Journal entry worksheet X SERE 1 Record the issuance of 21,000 common shares IN 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. Note : journal entry has been entered