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 authorired, 23,000 shares issued and outstanding Retained earnings In 2020, the company had the following transactions affecting shareholders and the shareholders' equity accounts (Sex Jan. 1Purchased and retired 2,680 common shares at $16 per share. 14 The directors declared an BN share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at 146.20 per share. 30 Date of record regarding the share dividend. Feb. 5 Date of distribution regarding the share dividend July 6 Sold 5,600 preferred shares at 566 per share. Sept. 5 The directors declared total cash dividend of $40,00 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 5471,600 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 transaction/event, select "No Journal entry required" in the first account field.) View journal entry worksheet General Journal Credit 1 Jan 01 Common shares Retained earnings Cash Jan 14 Share dividends Common shares dividend distributable Jan 30 No journal entry required Feb 05 Common shares dividend distribulatie Common shares 06 Cash Preferred shares