Vermillion Corporation, a publicly traded company, is authorized to issue 211,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders equity accounts:

Preferred shares (7,600 shares issued)	$425,600
Common shares (69,300 shares issued)	1,108,800
Contributed surplus	26,700
Retained earnings	753,000
Accumulated other comprehensive income	10,700

The following equity transactions occurred in 2021:

Feb.	6		Issued 9,500 preferred shares for $570,000.
Apr.	6		Issued 19,800 common shares for $584,100.
	27		Repurchased and retired 3,300 common shares at $18 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years.
May	29		Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1.
Aug.	22		Issued 8,100 common shares in exchange for a building. At the time of the exchange, the building was valued at $155,800 and the common shares at $142,000.
Dec.	14		The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders.
	31		Net income for the year was $611,000.

(a)

Partially correct answer iconYour answer is partially correct.

Record the above transactions, including any entries required to close dividends and net income. (List all debit entries before credit entries. 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 0 for the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 6Apr. 6Apr. 27May 29June 12July 1Aug. 22Dec. 31
Feb. 6Apr. 6Apr. 27May 29June 12July 1Aug. 22Dec. 31
Feb. 6Apr. 6Apr. 27May 29June 12July 1Aug. 22Dec. 31
Feb. 6Apr. 6Apr. 27May 29June 12July 1Aug. 22Dec. 31
Feb. 6Apr. 6Apr. 27May 29June 12July 1Aug. 22Dec. 31
Feb. 6Apr. 6Apr. 27May 29June 12July 1Aug. 22Dec. 31
Feb. 6Apr. 6Apr. 27May 29June 12July 1Aug. 22Dec. 31
Feb. 6Apr. 6Apr. 27May 29June 12July 1Aug. 22Dec. 14Dec. 31

Closing entries:

Date	Account Titles and Explanation	Debit	Credit
Dec. 31
	(To close net income/(loss).)
Dec. 31
	(To close dividends.)