Wildhorse Corporation was organized on January 1, 2022. It is authorized to issue 26,000 shares of $3-noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year. 1 1 1 Jan. Mar. May Sept. Nov. Dec. 1 1 Issued 104,000 common shares for cash at $3 per share. Issued 14,600 preferred shares for cash at $54 per share. Issued 156,000 common shares for cash at $5 per share. Issued 6,500 common shares for cash at $6 per share. Issued 4,900 preferred shares for cash at $56 per share. Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on December 15, payable on January 15, 2023. Reported net income of $192,600 for the year. 1 Dec 31 (a) 118 Record the closing entries for dividends and for the income summary account. (til debat entre dore credite account titles are automatically Indented when the amount is entered. Do not indent monterede for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Cred Dec. 31 (To close cash dividends) 31 (To close profit/loss) List of Accounts Attempts: 0 of 1 use