The equity section of the December 31, 2022, balance sheet for Delicious Alternative Desserts Inc. showed the following: Delicious Alternative Desserts Inc. Equity Section of the Balance Sheet December 31, 2022 Contributed capital: Preferred shares, $0.48 cumulative; 80,000 shares authorized; 65,000 shares issued and outstanding Common shares; 250,000 shares authorized; 125,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $260,000 200,000 $460,000 148,000 $608,000 During the year 2023, the company had the following transactions affecting equity accounts: Dec. Jan. 3 Sold 25,000 common shares for a total of $43,000 cash. Mar. 1 Sold 5,000 preferred shares at $5.30 each; cash. June 15 Exchanged 7,000 common shares for equipment with a fair market value of $28,500. The last common share trade was dated March 15 at $4.93. 31 Closed the Income Summary account, which showed a credit balance of $285,000.

During the year 2023 , the company had the following transactions affecting equity accounts: Jan. 3 Sold 25 , eee comon shares for a total of $43, eee cash. Mar. 1 sold 5, eee preferred shares at 55.30 each; cash. June 15 Exchanged 7 , eee coseon shares for equipsent with a fair macket value of $28, See. The last coenon share trade was dated March 15 at $4,93. Dec. 31 closed the Incone sumary account, which showed a credit balance of $285, eee. The board of directors had not deciared dividends for the past two years (2022 and 2023). Required: 1. Joumalize the above transactions. Journal entry worksheet Pecord to close the income summary account. Noter Enter debits before credits