Zlin Aerospace Corporation reported the following equity account balances on December 31, 2013:

Preferred shares, $3.60 cumulative, unlimited shares authorized	$ 0
Common shares, unlimited shares authorized, 26,000 shares issued and outstanding	717,600
Retained Earnings	336,000

In 2014, the company had the following transactions affecting shareholders and the shareholders equity accounts:

Jan.	1		Purchased and retired 3,200 common shares at $36 per share.
	14		The directors declared a 9% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $46.80 pershare.
	30		Date of record regarding the 9% share dividend.
Feb.	5		Date of distribution regarding the 9% share dividend.
July	6		Sold 6,200 preferred shares at $72 per share.
Sept.	5		The directors declared a total cash dividend of $48,011 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 $477,600 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 2014 (assume the retirements were the first ever recorded by Zlin 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, 2014.(Amounts to be deducted should be indicated by a minus sign.)