Problem 12-7B Share transactions, statement of changes in equity, dividend distribution a,5,6 closing 2,3 CHECK FIGURES 2. Retained earnings, December 31, 2017 $3qq,480; 3. Total equity $4,203,480 Labtech Pharmacy Inc. is authorized to issue an unlimited number of common shares and 100,000 share of $24 non-cumulative preferred. The company completed the following transactions: 2015 Feb. 5 ssued 70,000 common shares at $24 for cash. 28 Gave the corporation's promoters 3,750 common shares for their services in organizing the corporation. The directors valued the services at Mar. 3 issued 44,000 common shares in exchange for the following assets with the indicated reliable market values: land, $192.000; buildings, $504.000: and machinery, $312.0go. Dec. 31 Closed the Income Summary account. A $64.800 loss was incurred. 2016 Jan. 28 ssued for cash 4,000 preferred shares at $240 per share. Dec. 31 closed the Income S account. A $235,200 profit was earned. 2017 Jan. 1 The board of directors declared a $24 per share cash dividend to preferred shares and so.48 per share cash dividend to outstanding common shares, payable on February 5 to the January 24 shareholders of record. Feb. 5 Paid the previously declared dividends. Dec. 31 closed the Cash Dividends and Income Summary accounts. A $381,600 profit was earned