The equity section of the December 31, 2019, balance sheet for Cotton Tails Egg Emporium Inc. showed the following: Contributed capital: Preferred shares; $2.25 cumulative; 150,000 shares authorized; 45,000, shares issued and outstanding. $630,000 Common shares; 400,000 shares authorized; 220,000, shares issued and outstanding 1,100,000 Total contributed capital $1,730,000 Retained earnings 1,240,000 $2,970,000 Total equity During 2020, the company had the following transactions affecting equity accounts: Feb 6 Issued 12,000 common shares at $5.25 per share. May. 22 Issued 8,000 preferred shares at $16.20 per share. Aug. 5 In addition to the declaration of the annual dividend on the preferred shares, the directors declared a $1.10 per common share cash dividend payable on September 28 to the September 5 shareholders of record. Sept. 28 Paid the dividend declared on August 5. Dec. 31 Closed the $312,500 credit balance in the Income Summary account. Required 1. Prepare the journal entries to record the transactions and closings for 2020. 2. Prepare the statement of changes in equity for the year ended December 31, 2020