The stockholders' equity accounts of Swifty Corporation on January 1, 2025, were as tollows. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 11,000 shares of common stock for $66,000. Mar, 20 Purchased 2.200 additional shares of commen treasury stock at $7 per share Oct. 1 Declared a 7\% cash dividend on preferred stock, payable November 1 . Nov. 1 Paid the dividend declared on October 1. DeC. 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, p3yable December 31,2 Dec. 31 Determined that net income for the year was $515,000. Paid the dividend declared on December 1 . Date Account Tities and Explanation Debit Credit (To close Income Summary and transfer net income to Retained Earnings) (To close Cash Dividends to Retained Earnings) (To record payment of cash dividends payable)