Sheffield 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 (51.000 shares issued) 612,000 Retained earnings 712,000 The following equity transactions occurred during the year ended January 31, 2021 Feb 28 Issued 5,100 preferred shares for $270,300 Apr. 12 Issued 190.000 common shares for $2.47 million May 25 Issued 5.100 common shares in exchange for land. At the time of the exchange, the land was valued at $61.200. Jan Paid dividend of $250 per share to preferred Shareholders. Jan 31 A loss of $58,000 was incurred for the year 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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit To record issuance of shares) To record issuance of shares) To record issuance of shares) To record declaration and payment of dividend.) To close Income Summary) (To close dividends)