Zen Aerospace Corporation reported the following equity account balances on December 31, 2019: $ Preferred shares, $3.60 cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 26,500 shares issued and outstanding Retained earnings 731,400 337, eee In 2020, the company had the following transactions affecting shareholders and the shareholders' equity accounts: Jan. 1 Purchased and retired 3,300 common shares at $36 per share. 14 The directors declared an 10% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $46.90 per share. 30 Date of record regarding the 10% share dividend. vidend Feb. 5 Date of distribution regarding the 10% share dividend. July 6 Sold 6,308 preferred shares at $73 per share. Sept. 5 The directors declared a total cash dividend of $48,012 payable on October 5 to the September 20 shareholders of record. Oct. 5 The cash dividend declared on September 5 was paid. Dec. 31 Closed the $478,688 credit balance in the Profit Summary account to Retained Earnings. 31 Closed 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. (If no entry is required for a ----- - - - - ---- - Required 1. Prepare lournal 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list 1 Record the retirement of shares. 2 Record the declaration of common shares stock dividend. Assume Company is using Share Dividend account. 3 Record the recording of common shares stock dividend. 4 Record the distribution of common shares stock dividend. Credit 5 Record the issuance of preferred shares. 6 Record the cash dividend. Assume Company is using View transaction list 3 Record the recording of common shares stock dividend. 4 Record the distribution of common shares stock dividend. 5 Record the issuance of preferred shares. 6 Record the cash dividend. Assume Company is using Cash Dividend account. 7 Record the payment of cash dividend. 8 Record to close profit to retained earnings. 9 Record the closure of dividend accounts. Note : = journal entry has been entered 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.) : ZEN AEROSPACE CORPORATION Statement of Changes in Equity For Year Ended December 31, 2020 Preferred Common Shares Shares Retained Earnings Total Equity Balance, January 1 Balance, December 31