Zen Aerospace Corporation reported the following equity account balances on December 31, 2016: Preferred shares, $3.60 cumulative, unlimited shares authorized $ 0 Common shares, unlimited shares authorized, 27,500 shares issued and outstanding 759,000 Retained Earnings 339,000 In 2017, the company had the following transactions affecting shareholders and the shareholders equity accounts: Jan. 1 Purchased and retired 3,500 common shares at $36 per share. 14 The directors declared a 12% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $47.10 per share. 30 Date of record regarding the 12% share dividend. Feb. 5 Date of distribution regarding the 12% share dividend. July 6 Sold 6,500 preferred shares at $75 per share. Sept. 5 The directors declared a total cash dividend of $48,014 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 $480,600 credit balance in the Income Summary account to Retained Earnings. 31 Closed the dividend accounts. Required 1. Prepare journal entries to record the transactions and closings for 2017 (assume the retirements were the first ever recorded by Zen Aerospace). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the statement of changes in equity for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign. Round the final answer to the nearest whole dollar.)