P$11\mathrm{.}3$B $($LO $2,3,4)($Record and post equity transactions; prepare statements.$)$ Ujjal Corporation, a publicly traded company, is authorized to issue an unlimited number of $$5$ noncumulative preferred shares and an unlimited number of common shares. On February $1,2024,$ the general ledger contained the following shareholders$$ equity accounts:Preferred shares $(4,400$ shares issued$)$$$440,000$Common shares $(70,000$ shares issued$)1,050,000$Contributed surplus$75,000$Retained earnings$1,000,000$Accumulated other comprehensive income$65,000$The following equity transactions occurred during the year ended January $31,2025$:Feb$\mathrm{.}28$Issued $1,500$ preferred shares for $$150,000.$Apr$\mathrm{.}11$Issued $100,000$ common shares for $$3\mathrm{.}5$ million.May$25$Issued $2,500$ common shares for $$87,500.$Nov$\mathrm{.}26$Repurchased and retired $10,000$ common shares for $$24$ each. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Note that the balance in the Contributed Surplus account arose from the repurchase of common shares in prior years.Dec$\mathrm{.}31$Declared a $$5\mathrm{.}00$ per share cash dividend to the preferred shareholders of record at January $15,$ payable February $1.$Jan$\mathrm{.}31$Incurred a net loss of $$5,000$ for the year.Instructions Record the above transactions for the year ended January $31,2025,$ including any entries required to close dividends declared and net loss.Open T accounts and post to the shareholders$$ equity accounts.Prepare the statement of changes in equity for the year.Prepare the shareholders$$ equity section of the statement of financial position at January $31,2025.$