Question 2 of 3 - / 10 E Question List View Policies Current Attempt in Progress Question 1 Accounting Mart Viewing Question 2 Accounting Macaron Corporation, a publicly traded company, is authorized to issue 197,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (7.700 shares issued) $431,200 Common shares (68,600 shares issued) 960,400 Contributed surplus 22,800 Retained earnings 742,000 Accumulated other comprehensive income 9,800 Question 3 The following equity transactions occurred in 2018 Feb. 6 Issued 10.700 preferred shares for $631,300, Apr. 6 Issued 19.600 common shares for $539.000 27 Reacquired and retired 3,000 common shares at $16 per share. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug 22 Issued 9,300 common shares in exchange for a building At the time of the exchange the building was valued at $154,600 and the common shares at $139,000 Dec 14 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders 31 Net income for the year was $523,000 Question 2 of 3 > - / 10 titles and enter for the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to decimal places.) Date Debit Credit Account Titles and Explanation Cash Feb. 6 631300 Preferred Shares 631300 Apr. 6 Cash 539000 Common Shares 539000 Apr. 27 Common Shares 48000 Cash 48000 May 29 Cash Dividends Dividends Payable June 12 Dec. 14 s://assessment.education wiley.combwassermania Question 2 of 3 > - / 10 5 Dec. 14 Closing entries: Date Account Titles and Explanation Dec. 31 Debit Credit (To close net income/(loss).) Dec. 31 (To close dividends.) eTextbook and Media List of Accounts Question 2 of 3 - / 10 Open Taccounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares > > C Common Shares > > > v Contributed Surplus Contributed Surplus C > > Dividends Declared $ e Textbook and Media