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On January 1, 2020, Culver Ltd. (a public company) had the following shareholders equity accounts:

Preferred shares, $7 noncumulative, unlimited number authorized, none issued			0
Common shares, unlimited number authorized, 820,000 issued		$	7,380,000
Retained earnings			1,141,000
Accumulated other comprehensive income			130,000

The following selected transactions occurred during 2020:

Jan. 2		Issued 120,000 preferred shares at $100 per share.
Mar. 5		Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1.
Apr. 18		Issued 100,000 common shares at $11 per share.
June 5		Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1.
Sept. 5		Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1.
Dec. 5		Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1.
Dec. 31		Net income for the year was $390,000.

Prepare journal entries to record the transactions above, as well as the closing entries for Income Summary and Dividends. (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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To dose income summary account) (To dose dividends account) Enter beginning balances and post the entries to the shareholders' equity and dividends T accounts and arrive at the ending balances. (Post entries in the order of journal entries presented in the previous part.) Preferred Shares Common Shares Retained Earnings Accumulated Other Comprehensive Income > > SHOW LIST OF ACCOUNTS Prepare the statement of changes in shareholders' equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Culver Ltd. Statement of Changes in Shareholders' Equity Preferred Shares Common Shares Number of Shares Accumulated Other Comprehensive Income Share Capital Number Shares Share Capital Retained Earnings Total Balance Jan, 1, 2020 Issued preferred shares Issued common shares Declared dividends Net earnings Balance, December 31, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the shareholders' equity section of the SFP at December 31. Culver Ltd. Statement of Financial Position (Partial) $ Prepare the financing activities section of the statement of cash flows for the year ended December 31. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesis e.g. (15,000).) Culver Ltd. Cash Flow Statement (Partial) Financing activities: Cash financing activities

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