largent Corporation, a publicly traded company, is authorized to issue 200,000 $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 (8,000 shares issued) $440,000 Common shares (70,000 shares issued) 1,050,000 Contributed surplus 25,000 Retained earnings 800,000 Accumulated other comprehensive income 10,000 The following equity transactions occurred in 2018: Feb. 6 Issued 10,000 preferred shares for $600,000. Apr. 6 Issued 20,000 common shares for $570,000. 27 Reacquired and retired 3,000 common shares at $17 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 9,000 common shares in exchange for a building. At the time of the exchange, the building was valued at $165,000 and the common shares at $150,000. 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 $582,000. (a) Record the above transactions, including any entries required to close dividends and net income. (Credit account 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 and enter 0 for the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.) (b) Open T accounts and post to the shareholders’ equity accounts. (Record entries in the order presented in the problem.) (c)Prepare the statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (d)Prepare the shareholders’ equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.)