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Ridgewood Corporation, a publicly traded company, is authorized to issue 183,000 $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 (7,500 shares issued)	$405,000
Common shares (74,900 shares issued)	1,123,500
Contributed surplus	25,200
Retained earnings	759,000
Accumulated other comprehensive income	10,800

The following equity transactions occurred in 2018:

Feb.	6		Issued 10,900 preferred shares for $654,000.
Apr.	6		Issued 21,400 common shares for $609,900.
	27		Reacquired and retired 2,700 common shares at $17 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 9,000 common shares in exchange for a building. At the time of the exchange, the building was valued at $174,400 and the common shares at $158,000.
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 $597,000.

Record the above transactions, including any entries required to close dividends and net income. (Credit account titles are autom amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Ro to 2 decimal palces, e.g. 2.25 and final answers to o decimal places.) Date Account Titles and Explanation Debit Credit June 12 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 T accounts and post to the shareholders' equity accounts. (Record entries in the ord Preferred Shares Common Shares Retained Earnings Contributed Surplus Dividends Declared Accumulated Other Comprehensive Income Prepare the statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parenthese (45).) RIDGEWOOD CORPORATION Statement of Changes in Equity Share Capital Preferred Shares Common Shares Contributed Surplus Retained Earnings Balance, Jan. 1 Issued preferred shares Issued common shares Repurchased common shares Dividends declared Net income Balance, Dec. 31 Prepare the shareholders' equity section of the statement of financial position at December 31 information.) RIDGEWOODCORPORATION Statement of Financial Position (Partial)

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