Question 3 of 4 -/10 E View Policies Current Attempt in Progress Houle Ltd. was incorporated on January 15, 2020, and was authorized to issue 2 200,000 common shares and an unlimited amount of 14% fixed dividend, cumulative, retractable, non-participating, non-voting preferred shares. During the remainder of 2020, the company entered into the following transactions 1. 2. 3. 4. 5. Houle issued 460,000 common shares in exchange for $7,728,000 in cash. A total of 180,000 preferred shares were issued for $13 a share. A dividend was declared on the preferred shares. A $0.27 dividend per share was declared on the common shares. The dividend on the preferred shares was paid. The dividend on the common shares was paid. The company had net income of $2,040,000 for the year. The closing entries for net income and the dividends declared accounts were prepared. 6. 7. (a) Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. Question 3 of 4 - / 10 Prepare journal entries to record the above transactions. (Credit account des are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amount) No. Account Titles and Explanation Debit Credit 1. 2. 3. 5. 6 (To close income summary) go dose dividends codared) List of Accounts List of Accounts Accumulated Other Comprehensive Income Cash Common Shares Dividends Declared Dividends Declared - Common Shares Dividends Declared - Preferred Shares Dividends Payable Equipment Income Summary Land No Entry Operating Expenses Preferred Shares Retained Earning Sales Revenue Stock Dividends Declared La vidurids Isable