zen Aerospace Corporation reported the following equity account balances on December 31, 2019 eBook Preferred shares, $3.60 cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 24,000 shares issued and outstanding Retained earnings Print 662,400 332,000 eferences In 2020, the company had the following transactions affecting shareholders and the shareholders' equity accounts Jan. 1 Purchased and retired 2,800 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 $46.40 per share 30 Date of record regarding the 10% share dividend. Feb. 5 Date of distribution regarding the 10% share dividend. July 6 Sold 5,800 preferred shares at $68 per share. Sept. 5 The directors declared a total cash dividend of $48.007 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 $473,600 credit balance in the Profit Summary account to Retained Earnings. 31 Closed the dividend accounts. Required Required 1. Prepare Joumal 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 Journal entry worksheet 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.) Book ZEN AEROSPACE CORPORATION Statement of Changes in Equity For Year Ended December 31, 2020 Preferred Common Shares Shares Fences Retained Earnings Total Equity Balance, January 1 Balance December 31 zen Aerospace Corporation reported the following equity account balances on December 31, 2019 eBook Preferred shares, $3.60 cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 24,000 shares issued and outstanding Retained earnings Print 662,400 332,000 eferences In 2020, the company had the following transactions affecting shareholders and the shareholders' equity accounts Jan. 1 Purchased and retired 2,800 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 $46.40 per share 30 Date of record regarding the 10% share dividend. Feb. 5 Date of distribution regarding the 10% share dividend. July 6 Sold 5,800 preferred shares at $68 per share. Sept. 5 The directors declared a total cash dividend of $48.007 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 $473,600 credit balance in the Profit Summary account to Retained Earnings. 31 Closed the dividend accounts. Required Required 1. Prepare Joumal 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 Journal entry worksheet 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.) Book ZEN AEROSPACE CORPORATION Statement of Changes in Equity For Year Ended December 31, 2020 Preferred Common Shares Shares Fences Retained Earnings Total Equity Balance, January 1 Balance December 31