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Ayayai 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: The following equity transactions occurred during the year ended January 31.2021 : Feb. 28 Issued 4,000 preferred shares for $208,000. Apr. 12 Issued 180,000 common shares for $2.34 million. May 25 Issued 4,000 common shares in exchange for land. At the time of the exchange, the land was valued at $48,000. Jan. 1 Paid dividend of $2.50 per share to preferred shareholders. Jan. 31 Aloss of $40,000 was incurred for the year. Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit occount 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 (To close dividends.) eTextbook and Media