Time Remaining $56$ minutes $2$ seconds$00$:$56$:$02$Item $4$ Time Remaining $56$ minutes $2$ seconds$00$:$56$:$02$Zen Aerospace Corporation reported the following equity account balances on December $31,2022$: Preferred shares, $$3\mathrm{.}60$ cumulative, unlimited shares authorized$$0$Common shares, unlimited shares authorized, $27,500$ shares issued and outstanding $759,000$Retained earnings $339,000$In $2023,$ the company had the following transactions affecting shareholders and the shareholders equity accounts: Jan$\mathrm{.}1$ Purchased and retired $3,500$ common shares at $$36$ per share. $14$ The directors declared an $12\%$ share dividend distributable on February $5$ to the January $30$ shareholders of record. The shares were trading at $$47\mathrm{.}10$ per share. $30$ Date of record regarding the $12\%$ share dividend. Feb$\mathrm{.}5$ Date of distribution regarding the $12\%$ share dividend. July$6$ Sold $6,500$ preferred shares at $$75$ per share. Sept$\mathrm{.}5$ The directors declared a total cash dividend of $$48,014$ payable on October $5$ to the September $20$ shareholders of record. Oct$\mathrm{.}5$ The cash dividend declared on September $5$ was paid. Dec$\mathrm{.}31$ Closed the $$480,600$ credit balance in the Profit Summary account to Retained Earnings. $31$ Closed the dividend accounts. Required$1.$ Prepare journal entries to record the transactions and closings for $2023($assume the retirements were the first ever recorded by Zen Aerospace$).$ Assume share dividends and cash dividends account is used when dividends are declared. $($If no entry is required for a transaction$/$ev