The company was also authorized to issue an unlimited number of $$4$ noncumulative preferred shares. As at January $1,2024,$ none

had been issued. During $2024,$ the corporation had the following transactions and events related to its shareholders' equity:

Jan. $2$ Issued $88,000$ preferred shares for $$50$ per share.

Mar. $31$ Paid quarterly dividend to preferred shareholders.

June $30$ Paid quarterly dividend to preferred shareholders.

Aug. $12$ Issued $98,000$ common shares for $$1\mathrm{.}70$ per share.

Sept. $30$ Paid quarterly dividend to preferred shareholders.

Dec. $31$ Paid quarterly dividend to preferred shareholders and a $$0\mathrm{.}25$ per share dividend to the common shareholders.

Dec. $31$ Loss for the year was $$94,000.$

Journalize the transactions and the entries to close dividends and the Income Summary account. $($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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles

Debit

Credit

$($To close Income Summary$)$

$($To close dividends$)$