Current Attempt in Progress Southwestern Exposure Ltd, began operations on January 2, 2020. During the year, the following transactions affected shareholders equity: 1 2 3 5 Southwestern Exposure's articles of incorporation authorize the issuance of 1,080,000 common shares, and the issuance of 195.000 preferred shares, which pay an annual dividend of S2. 10 per share. A total of 230.000 common shares were issued for $4 a share. A total of 30,000 preferred shares were issued for $12 per share. The full annual dividend on the preferred shares was declared. The dividend on the preferred shares was paid, Adividend of $0.10 per share was declared on the common shares but was not yet paid. The company had net income of $161.000 for the year. Assume sales of $786,000 and total operating expenses of $625.000) The dividends on the common shares were paid The closing entry for the dividends declared accounts was prepared 6. 7 B 9. Entry for the account titles and enter for the amounts.) No. Account and explanation Debit Credit O 1. No Entry 0 No Entry 2. Cash 920000 Common Shares 920000 3. Cash 360,000 Preferred Shares 360,000 4. 66000 Dividends Declared - Preferred Shares Dividends Payable 66000 5. Dividends Payable 66000 Cash 66000 Dividere. Comme Share 23000 Dividendit. Pri 23000 7. Revenue Income To dos revenue accet) Todose expense account como Todos net income 8 Dwi Payable 8. . Dividends Payable Cash 9. Stock Dividends Declared Dividends Declared - Preferred Shares Dividends Declared - Common Shares e Textbook and Media List of Accounts