WP Sheffield Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the general ledger contained the following shareholders' equity accounts Account Preferred shares (10,000 shares issued) $160,000 Common shares (73,000 shares issued) 1,095,000 Retained earnings 772,000 Dashboard Courses HOR The following equity transactions occurred during the year ended January 31, 2021: Feb. 28 Issued 4,500 preferred shares for $238,500. Apr. 12 Issued 180,000 common shares for $2.88 million May 25 Issued 4,500 common shares in exchange for land. At the time of the exchange, the land was valued at $67,500 Jan 1 Paid dividend of $2.50 per share to preferred shareholders. Jan 31 A loss of $55.000 was incurred for the year. alendar abox ELP S Your answer is partially correct. 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.) 0602_131157.jpg A Show all Type here to search le ENG 8:18 PM 2020-06-02 Chapter 13 Assignment X Preferred Shares Date Explanation Feb. 1 Balance Rel Debit Credit Balance Feb. 28 J1 Common Shares Date Explanation Feb. 1 Balance Ref. Debit Credit Balance Apr. 12 11 May 25 J1 Cash Dividends Preferred Date Explanation Ref. lan 1 11 Debit Credit Balance 11 Jan. 31 Closing entry Retained Earnings Date Explanation Feb. 1 Balance Ref. Debit Credit Balance Jan 31 Closing Entry J1 Jan. 31 Closing Entry 31 O $ $ a ENG hp & 6 7 00 R . V B N M Chapter Prepare the shareholders' equity section of the balance sheet at lanuary 31, 2021, including any required disclosures. Assume Sheffield is reporting under ASPE and there were no preferred dividend arrears at January 31, 2020. (Enter account name only and de not provide descriptive Information SHEFFIELD CORPORATION Balance Sheet (Partial) $ e Textbook and Media o e 3 Show all AGING 818 PM hp 6 7 8 9 G pause 00 N M