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Zen Aerospace Corporation reported the following equity account balances on December 31, 2016:

Preferred shares, $3.60 cumulative, unlimited shares authorized	$ 0
Common shares, unlimited shares authorized, 29,000 shares issued and outstanding	800,400
Retained Earnings	342,000

In 2017, the company had the following transactions affecting shareholders and the shareholders equity accounts:

Jan.	1		Purchased and retired 3,800 common shares at $36 per share.
	14		The directors declared a 10% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $47.40 per share.
	30		Date of record regarding the 10% share dividend.
Feb.	5		Date of distribution regarding the 10% share dividend.
July	6		Sold 6,800 preferred shares at $78 per share.
Sept.	5		The directors declared a total cash dividend of $48,017 payable on October 5 to the September 20 shareholders of record.
Oct.	5		The cash dividend declared on September 5 was paid.
Dec.	31		Closed the $483,600 credit balance in the Income Summary account to Retained Earnings.
	31		Closed the dividend accounts.

Required 1. Prepare journal entries to record the transactions and closings for 2017 (assume the retirements were the first ever recorded by Zen Aerospace). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

a. Record the retirement of shares

b. Record the declaration of common shares stock dividend. Assume Company is using Share Dividend.

c. Record the recording of common shares stock dividend

d. Record the distribution of common shares stock dividend

e. Record the issuance of preferred shares

f. Record the cash dividend. Assume Company is using Cash Dividend.

g. Record the payment of cash dividend

h. Record to close profit to retained earnings

i. Record the closure of dividend accounts

2. Prepare the statement of changes in equity for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign. Round the final answer to the nearest whole dollar.)

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