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Southwestern Exposure Ltd. began operations on January 2, 2020. During the year, the following transactions affected shareholders' equity: 1. southvesern Eoores artices ncorporoef0000 n share,and the suance shares, wich y 2. A total of 280,000 common shares were issued for $4 a share. 3. A total of 15,000 preferred shares were issued for $13 per share. 4. The full annual dividend on the preferred shares was declared 5. The dividend on the preferred shares was paid 6. A dividend of $0.10 per share was declared on the common shares but was not yet paid. 7. The company had net income of $161,000 for the year. (Assume sales of $751,000 and total operating expenses of $590,000.) 8. The dividends on the common shares were paid. 9. The closing entry for the dividends declared accounts was prepared