On January 1, 2024. Pharoah Ltd. had the following shareholders' equity accounts: The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1,2024 , none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 105,000 preferred shares for $50 per share. Mar. 31 Paid quarterly dividend to preferred shareholders. June 30 Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 96,000 common shares for $1.70 per share. Sept. 30 Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Dec 31 Loss for the year was $101,000. previous part. (Post entries in the order of joumal entries presented in the previous part.) Dec, 31 11 Dec. 31 Closing entry J1 Cash Dividends-Common Retained Earnings Date Explanation Ref. Jan. 1 Balance Dec. 31 Closing entry Dec. 31 Closing entry eTextbook and Media