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Munchies Corporation, a publicly traded company, is authorized to issue 193,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (7,300 shares issued) $408,800 Common shares (67,200 shares issued) 1,075,200 Contributed surplus 25,500 Retained earnings 819,000 Accumulated other comprehensive income 10,200 The following equity transactions occurred in 2018: Feb. 6 Issued 10,400 preferred shares for $624,000. Apr. 6 Issued 19,200 common shares for $566,400. 27 Reacquired and retired 2,700 common shares at $18 per share. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 9,600 common shares in exchange for a building. At the time of the exchange, the building was valued at $162,400 and the common shares at $147,000. Dec. 14 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. 31 Net income for the year was $546,000. Record the above transactions, including any entries required dividends and net incom 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 for the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.) Date Account Titles and Explanation Debit Credit June 12 Dec. 14 Closing entries: Debit Credit Date Account Titles and Explanation Dec. 31 (To close net income/(loss).) Dec. 31 (To close dividends.) Open Taccounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares Common Shares Retained Earnings Contributed Surplus Dividends Declared Accumulated Other Comprehensive Income

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