Question 2: Shareholder's Equity (16 Marks) Gerry corporation is a mid-sized public company that had been in operation for many years. On December 31, 2021, it had an unlimited number of common shares authorized and 1 million shares issued with a dollar value of $2,400,000. As well, there were 5 million preferred shares authorized, with 10,000 of them issued with a dollar value of $700,000 The balance in retained earnings was $2,360,000. The preferred shares pay an annual dividend of $3 per share. During 2022, the following transactions affected shareholders' equity: January 3-50,000 new common shares were issued at $24 per share. January 6-12,000 new preferred shares were issued at $75 per share. April 12- The board of directors declared and paid $0.60 dividend for all common shareholders and the required $5 per share dividend on preferred shares. (Combine both dividends into one entry) Dec 31-The net income for 2022 was $856,000. Prepare the required closing entries for dividends and net income.