A review of the accounting records reveals the following: 1. The January 1, 2024, balance in Preferred Shares was $1,071,000, Common Shares was $1,272,000 (318,000 shares), the balance in Contributed Surplus-Reacquisition of Common Shares was $30,600, and the balance in Retained Earnings was $2,442,000. 2. One of the company's shareholders needed cash for a personal expenditure. On January 15 , the company agreed to reacquire 20,400 shares from this shareholder for $7 per share. 3. On July 1, the company corrected a prior period error that resulted in an increase to the Long-Term Investment account, as well as to the prior year's profit of $252,000 before income tax. 4. On October 1, 97,000 common shares were sold for $8 per share. 5. The preferred shareholders' dividend was declared and paid in 2024 for two quarters. Due to a cash shortage, the last two quarters' dividends were not declared or paid. 6. Profit for the year before income tax was $762,000. The company has a 25% income tax rate. Open general ledger accounts for the shareholders' equity accounts listed in item (1) above and enter opening balance