View Policies Current Attempt in Progress On January 1, 2021, Blossom Ltd, had the following shareholders' equity accounts: Common shares (1,000,000 issued) Retained earnings $1.200.000 1.560.000 1 The company was also authorized to issue an unlimited number of S4 noncumulative preferred shares. As at January 1, 2021, none had been issued. During 2021, the corporation had the following transactions and events related to its shareholders equity: Jan 2 Issued 96,000 preferred shares for $55 per share. Apr. Paid quarterly dividend to preferred shareholders. July Paid quarterly dividend to preferred shareholders. Aug 12 Issued 96,000 common shares for $1.30 per share. Paid quarterly dividend to preferred shareholders Dec 31 Paid quarterly dividend to preferred shareholders and a $0.20 per share dividend to the common shareholders. Loss for the year was $96.000 1 Oct 1 Dec. 31 Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are utill intents when the amunt kanternative mind If not for Nn Entry"fra the not Journalize the transactions and the entries to close dividends and the Income Summary account. (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. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit (To record issuance of shares) To record issuance of shares Dec. 31 (To record dividends paid) (To close Income Summary.) (To close dividends.) List of Accounts Open general ledger accounts for the shareholders equity accounts, enter the beginning balances, and post entries from the Question 6 of 10 -/6 Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the previous part. (Post entries in the order of Journal entry presented in the previous part.) Ref. Debit Credit Balance 31 Ref. Debit Credit Balance Preferred Shares Date Explanation Jan. 2 Common Shares Date Explanation Jan. 1 Balance Aug. 12 Cash Dividends- Preferred Date Explanation V 31 Ref. Debit Credit Balance Apr. 1 31 July 1 31 Oct. 1 JI Dec. 31 31 Dec. 31 Closing entry 31 Dividende C Question 6 of 10 -16 I!! Dec 31 Closing entry Cash Dividends-Common Date Explanation Dec. 31 Ref. Debit Credit Balance J1 J1 Dec 31 Closing entry Retained Earnings Date Explanation Jan. 1 Balance Ref. Debit Credit Balance Dec 31 Closing entry Ji Dec. 31 Closing entry JI List of Accounts Prepare the shareholders' equity section of the balance sheet at December 31, 2021, including any required disclosures. Assume Blossom is reporting under ASPE(Enter account name only and do not provide descriptive information) BLOSSOM LTD Balance Sheet (Partial) $ $ List of Accounts