Zen Aerospace Corporation reported the following equity account balances on December 31, 2019 $ Preferred shares, 33.68 cumulative, unlimited shares authorized Common shares unlimited shares authorized, 27.000 shares issued and outstanding Retained earnings 745,209 338,000 in 2020, the company had the following transactions affecting shareholders and the shareholders' equity accounts: Jan. 1 Purchased and retired 3,400 conmon shares at $36 per share 14 The directors declared an 11% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $47.00 per share. 30 Date of record regarding the 11% share dividend. Tab. Date of distribution regarding the 11% share dividend. July Sold 6,400 preferred shares at 174 per share. Seat 5 The directors declared a total cash dividend of $4,013 payable on October to the September 2e shareholders of record OCLE The cash dividend declared on September 5 paid Dec. 31 Closed the 349,600 credit balance in the Profit Summary account to retained Earnings Llosed the dividend accounts Required 1. Prepare journal entries to record the transactions and closings for 2020 (assume the retirements were the first ever recorded by Zen Aerospace). Assume share dividends and cash dividends account is used when dividends are declared, no entry is required for transaction event select "No Joumal entry required in the first account feld.) View transaction list View journal entry worksheet No General Journal Debil Credit KA Jan 01 Common shares Retained earnings Jan 14 Share dividends Common shares dividend distributable Stan 30 No Transaction Recorded NININ Feb 06 No Transaction Recorded 6 Cash Preferred shares IN Sep 05 Cash dividends Common dividends payable Oct 05 Preferred dividenda payas. D6:31 Retained earnings DA Retained earnings Cash dividends 2. Prepare the statement of changes in equity for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign. Round the final answer to the nearest whole dollar) TEN AEROSPACE CORPORATION Statement of Changes in Equity For Year Ended December 31, 2020 Preferred Common Shares Shares Retained Earnings Total Equity Balance, January 1 s 0 0 0 Purchased and retired common shares Common shares dividend 0 0 0 0 Balance December 31 05 Ols os 0