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Concord Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the general ledger contained the following shareholders' equity accounts:

Preferred shares (10,000 shares issued)		$450,000
Common shares (75,000 shares issued)		1,275,000
Retained earnings		758,000

The following equity transactions occurred during the year ended January 31, 2021:

Feb.	28		Issued 5,800 preferred shares for $319,000.
Apr.	12		Issued 200,000 common shares for $3.60 million.
May	25		Issued 5,800 common shares in exchange for land. At the time of the exchange, the land was valued at $98,600.
Jan.	1		Paid dividend of $2.50 per share to preferred shareholders.
Jan.	31		A loss of $51,000 was incurred for the year.

Part 1

Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Part 2

Open general ledger accounts for the shareholders' equity accounts and post entries from previous part. (Post entries in the order of Journal entry presented in the previous part (a).)

Part 3

Prepare the shareholders' equity section of the balance sheet at January 31, 2021, including any required disclosures. Assume Concord is reporting under ASPE and there were no preferred dividend arrears at January 31, 2020. (Enter account name only and do not provide descriptive information.)

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